To me this new action in the Federal Court is getting to the heart of the matter. Ags can not go ahead with this mine while H wants to tax us at about US$10 -- $15 per lb over their production cost. We now see the attitude H has adopted and legal action is in the end the only hope of a way through.
I really like this disclosure we are getting at last - H said in their defense on friday that they had spent by far the most so far for the JV -- well tough - thats the agreement - a very weak statement in defense. In the meantime a desire to rob Ags of US$7.5m each year is costing them over US$100 pa gross profit. Commercial reality should triumph.
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