You are right D
I had to go back to the June 2011 Half Year report to confirm the following:
"The Group has a 20% interest in a strategic alliance with the Anglo American Group (“Anglo”) to explore for large porphyry copper-gold deposits in the Papua and West
Papua provinces. The interest is fully funded by Anglo through to a development decision."
There is no mention in the Activities reports that Papua is fully funded. This is just one example.
As for their operational performance, losing a tenement speaks for itself. The management, Carlile, Watson, Tahija, Willcocks, cannot control their operations, which increases risk to all stakeholders.
Papua is controlled by Anglo, Bima is controlled by protesters. Yet admin costs are $400k per quarter.
something to arc management team, page-2
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