or we are going to see more capital raising and not at very good...

or we are going to see more capital raising and not at very good levels.

The Annual report really doesn't make happy reading, though that is not a great surprise.

A couple of interesting comments,

From the Chairmans report;

"Management is steadily working through the issues and is confident that the planned production ramp-up can be back on the target slope by the end of the December quarter"

From Review of Company Activities - Overview;

"A more significant impact to production has been the failure of the appointed mining contractor to achieve the contractual production levels. The completion of work necessary to open up new mining areas and in addressing the performance of the contractor is expected to see design production from the underground mine achieved in the March Quarter of the coming year"

I wonder if is consistent with John Lewins comment in the last quarterly of 15,000 this for the July quarter, I guess he did add "fingers crossed" :)

Interesting that now they are blaming the contractor for the significant impact on production, so what are they doing about it?

They gave the execs some big salary increases over the last year no CPI increases for our boys, 8 to 20% increases while at the same time making a pigs ear of the capital raising and mine start up.