bigd I made a mistake in the last post, it was the chairman I spoke to not the MD, he was apolagetic and said there was disclosure about the closing down of Tiwi.
He seemed to just accept the closure as inevitable and said he lost a lot to. The mill IMHO was a cash cow with shellow ore to mine and high grades it seems the management were just totally incompentant or maybe worse?
I checked back yesterday and it did say it in the annual report and also an ASX report a month later about the closure , but I had expected the cash from the last 3 shipments to China to have more than covered costs I worked out they were worth over $20M
However the Chairman said most of the profits were consumed in shipping ?????
I see the ex MD is on the board of Sterling resources now with M kiernan the Chairman.
From what I hear the last shipment went into storage in a warehouse in China because they couldnt get a high enough price for it.
WIth a price of $4.5M for the plant in Tiwi plus revenue from the ore in China you would think there would be some money left over after admin expenses fro shareholders But I have had no update>
MAL Price at posting:
5.0¢ Sentiment: None Disclosure: Held
