Its Time, page-11

You may recall the company's unfavourable production split and high cost of production versus prevailing market prices along with the challenges for a new entrant to the graphite market. These are not new issues, the company did not highlight these problems of course but they were debated on this thread at length. No company with a COP as high as VXL is an exceptional project on a world scale. They could have been viable had market prediction on prices been met or exceeded (and if the greenies had not dogged their footsteps) but the market went the other way. In hindsight all the high tech spin suggesting huge demand has not assisted the company, exponential demand may well be a 2020 story. But the problems are not Board mismanagement, they were very positive as they have to be to maintain market confidence/ raise funds etc and the re gearing of production to the high tech was worth a shot. Fundamentally factors much bigger than Board failure conspired against success but of course the usual scapegoating has begun. CD has already been replaced and shareholders want blood. But the cause is not without hope if management can get the space to focus 100% on the tasks at hand. Would not surprise me if they pull a rabbit out of the hat.