First of all, I don't hold NRW or MLD but they both are on watch...

First of all, I don't hold NRW or MLD but they both are on watch list for investment if and when either I have fund or I think it is right time and price to pay.

I have been watching both for 3 months now and watched NRW doing well from price perspective.

Now, regarding MACA "Taken debt for Mining west business" probably should have written better as what I meant was that MACA could have used cash 109m with something more helpful to the business with diversification instead of putting all egg into one basket... IMO.

Now, if they have not bought mining west then few good things would have happened:

1. Net debt would be substantially less then what they currently carry.
2. gearing ration would be less as well.
3. market would have seen MLD as a business with strong cash in the bank with lower debt.
4. they would not have diluted holder with $75m which would have improved many other fundamental figures.

Any mining business whether run by MLD or NRW or Macmohan is capital intensive and fact not going to change else Downer would never have sold it out at-least their Australian mining arm.

This are my views only and the only reason why I have not invested in MLD to date, but when accounts are released for half year to market then certainly not just mine but others bigger player might change their sentiment as well and you will see action on share price either up or down or stable... depending upon how it looks...IMO.