Another debacle from this mob. Just follow the releases to the ASX: 31/7/2008 Quarterly all gung-ho, everything is peaches 5/8/2008 Bells and whistles presentation on the company and the zircon story at Diggers and Dealers 14/8 Announcement on recommencement of shipping and new higher prices for zircon 26/8 Trading Halt 28/8 whoops due to factors including high AUD and oil prices, time to pull the plug on Tiwi and this crappy zircon thing and by the way we are now a coal explorer 24/9 oh we are back in the zircon game with the JV with IMA 26/9 legal action threat from those pesky Ariston people.
What gives with this mob? I bet the coal strategy had been in play for some time and if so when did they really know that the Tiwi was in trouble, surely by the time of the Diggers and Dealers lager fest? By the time of the trading halts both oil and AUD were cratering so how much did this really have to do with canning the Tiwi project?
Sorry guys today's announcement adds even further fuel to the fire and this company will never recover because it did have a good story but the credibility of this board and its company is a smouldering wreck. The curse of Michael Kiernan strikes again!
MAL Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
