don't matter what people think of him, he knows what the company...

don't matter what people think of him, he knows what the company should be heading in the future ,that is important..........mmm


AAP News


CSM boss says market was fully informed

Tuesday March 7, 2006, 5:25 pm



Consolidated Minerals Ltd's (ASX: CSM.ax) plain speaking boss Michael Kiernan brushed aside suggestions the company withheld information about the damage falling manganese prices had done to its bottom line.

Shares in the Western Australian miner were sold off last week after it announced its interim net profit had slumped 92 per cent to $3.16 million, blaming a sharp drop in manganese prices.

Mr Kiernan faced investors and analysts at a briefing in Melbourne on Tuesday and was asked if CSM had met the Australian Stock Exchange requirements for companies to continuously disclose any information that could affect their share price.

"People can say what they like - I didn't withhold information," he said.

Mr Kiernan said the board had made projections expecting sluggish manganese market conditions from June to September last year with a rebound in demand and prices in October.

When this rebound did not appear Mr Kiernan said he had made an announcement to the market in November.

"This phenomenon crept up on all the manganese producers, not just us," he said.

CSM is now expecting to make a full year trading profit after tax of about $25 million in 2005/06, about $85 million in 2006/07 and $115 million in 2007/07.

Mr Kiernan said the company would continue to pump about 50 per cent of its profits back into development of its pipeline of new projects like its Kambalda nickel operations and these would ensure the company's future earnings.

CSM's biggest earner is its manganese operation at Woodie Woodie in the Pilbara region of Western Australia, but Mr Kiernan says the emphasis will shift to the Kambalda nickel operations in WA in coming years.

"This company, in two years time, will be a nickel company that just happens to have a manganese operation," he said.

Mr Kiernan also signalled that CSM planned to boost its 33 per cent stake in Jabiru Metals and its Jaguar copper, zinc and silver project north of Leonara in WA.

CSM would take opportunities to increase its interest in Jabiru as time went by and ultimately, Mr Kiernan said, he would like to see the business as a CSM subsidiary.

Shares in the miner made back some ground, climbing 14 cents to $2.38.

Source:By Alex Wilson