next leg, page-9

Well the previous announcement of delays and overruns! The last wasnt the only one. Remember this mine was supposed to be up and running 12 months ago. And frankly, the previous ones didnt matter to me too much at all because they are part of the game.

The last one is however quite a standout. They continuely reassured investors that they were on track and on-budget after the HNC sellout, and through the global roadshow when that was not true. And Directors and management were actually obligated to check the correctness of these statements before they made them - the "well I didnt know any better" defence doesnt cut it at all.

The last one may yet come back to haunt them and investors, if ASIC feel compelled to investigate it!

I for one agree there is value in the ground, but at this stage I have concerns about the safety of the vessel, the competence of the captain and his crew, and the appropriateness of the proposed route. To put it bluntly, the vessel looks just like the titanic before she left port. I for one will be happy to jump on when they have show they can get across the Atlantic! If I have to settle for a less rewarding journey - fine with me.

Any word on the power - must be installed now?
How about the stamp duty?
What are the problems at the oxide site?
How long till they start production?
Are the earthwork that commenced back in July still continuing?
If not, are we required pay compensation to the successful tenderer?
How much are the overruns?
Wasnt the $84 mill already an overrun by about 16 Million?
When will sulphides start? Is the delay at the oxide project likely to impact the start date or cost of the sulphides?