Manderson needs to be let go, page-138

Well if this initiative was successful it would be an absolute disaster for CXO, just as well its unlikely.

If a retail shareholders were successful in this situation, what high competency CEO's would looking to take on the role where shareholders boot the CE for decisions that primarily predate their start? I'd suggest few if any meaning the most likely replacement CE would be a low competency CE. This means that even if Manderson isn't the best choice any replacement is likely to be no better and possibly worse.

If you look at the problems, most of them are decisions that pre-date the appointment of Mr Manderson:

• We now know the pit walls, at least for the top 50m need a shallower slope. This appears to be cutting corners in the design evaluation stage which predated Mr Manderson.
• The pumping equipment/configuration to deal with the NT wet was designed before he started and it appears it was under specified
• The decision to be DMS only rather than DMS + back-end flotation was made before he started. Higher fines under 0.85mm (or 0.5mm) is not a major issue with flotation because you need to grind everything down to a smaller size.
• The decision to outsource crushing was made before he started (if high fines is from crushing configuration issues)
• It would appear some of the dewatering delays were due to Lucas leaving explosive material in the pit just before a heavy downpoor meaning the water needed heavy dilution before it could leave site. It was during Mr Manderson's time as CE but it was a contractor stuff-up

A lack of communication is an issue with this CE but its one that can be resolved.