buddy134,CDU isn't alone in having been punished for production...

buddy134,

CDU isn't alone in having been punished for production delays. Look at RNI - they were basically all set to go, all approvals in place (I guess others may say the WA red tape and green tape is less?) and then the price of gold crashes, the project gets belayed and the share price goes down.

M&G sees that Rocklands won't start up anywhere near on time. They ponder a moment about the reasons (WM throwing the baby out with the bathwater with his suppliers), conclude it's all a hat full of cow manure, and bail out ahead of everyone else as much as you can.

There's nothing sinister about that. It is a rational response from M&G; sell into the delay, buy back later if you see things coming up roses.

If WM and the company were being realistic and rational, there would be an effort to control costs and deal with a delay. instead, they just go on spending money digging up rock they cannot make a quid from (and there is a difference between digging rock you can sell for DSO and actually making a profit after you've sold it).

That's very much a damn the torpedoes response. Problem is, in this market it is more torpedoes than ocean.

WM has painted himself as a maverick who throws advice, sense and rationality to the wind. Suppliers too dear? Fire 'em! Mine delayed? Keep digging! Investors deserting you? Screw 'em! ASIC ignoring your pain? Tell the world you cried to mummy for help and she told you to brush your knee off and let it scab over like a man.

Now everyone knows you whinged and did your nana. Great job. Really makes you wonder about how the company is run - on facts, numbers and reality, or on emotion, hope and fencing wire?

Best of luck.