What is clear from all this is that IK should have been given...

What is clear from all this is that IK should have been given the boot years ago.... only when he is out the door do shareholders find out the truth about the viability of MNM's long list of projects (which was trotted out in excruciating detail on every annual report).

MNM now finds itself with one viable fledgling project, needing lots of $$$ to get it into production, and no likely income for a year or more (apart from selling off other incomplete projects which they lost interest in along the way).

Basically, no better off than a start up which has just acquired an asset and is going out looking for finance to develop it. How many years, and how many $millions did it take to arrive at this point?

I really hope long term holders do eventually get some of their money back, but it looks like you're going to have to tip more $$$ in to achieve a result.

The big unanswered question is how much they can raise through selling off other assets. Anyone want to buy some poor quality brown coal that you couldn't give away, or maybe an unstarted CSG project?