MBN Class Action2, page-166

The NP collapsed. Pure and simple. Last week they ran out of the $10m cash they had at the end of July, and had no option but to call in the administrators. Presumably expecting enough to come in to pay another weeks wages, but they are on reduced mining anyway. They saw it coming - and told everyone, but you were too blinded by belief to understand what the Q1 financials announcement meant.

It all makes perfect sense, if only you would see it. The NP has always been stated by the company to be a key factor for survival. They did everything else they could to ride out the downturn by cost cutting but it wasn't enough. Low grade mines will always be the first to go as the price drops. As for the CAPEX, they were only doing the minimum they had to. You can't avoid it all.