Trading volume and interest, page-30

SatinTape,
Whilst your position is considered, you views are very much one sided (and some may say, jaundiced). This may be intentional as you may see yourself as playing the devils advocate, so I will try to respond as best I can.

1) Its very easy to say our focus was wrong when things don't go to plan. Its much harder to say what is the correct focus and then be prepared to execute against that strategy.
2) NMDC's media statement needs very little comment. It was a face saving exercise by them. To date, we've received nothing formal from them directly.
3) As you can see, its very easy to list all the reasons why things don't or will not work. That's not our approach. We're into technology commercialisation. Its all about trying to find ways to make things work where there is no precedent for making them work.
4) We had always spoken about upgrading BM. That is true. But given it was not a priority over India, then those upgrades were not prioritised. Since India stalled, it has now become the priority so we pushing ahead to make these up[grades happen and deliver the finished product into contracts. Sales were also not a priority over India during that time. Again, since India stalled, we had offers for take-or-pay contracts for the finished product but given the risk of construction and commissioning, we felt it more prudent to de-risk that side first before we take on that type of contract. Hence, we are not "building it and they will come".
5) You're looking back on the past with the clarity of hindsight. That's really easy to do and stand up and say you would have done otherwise. At the time, that "plentiful capital" was used to develop our priorities at the time. Knowing what I know now, would I have deployed that capital into BM upgrades instead of developing India. I think by the fact we are upgrading BM now that India has been de-prioritised shows you that we too agree with your reflective logic.
6) The capital raising is necessary and offering a rights issue that is very dilutive, is the best way of offering current shareholders a chance to consolidate and re-rate their capital base ahead of significant developments.

I appreciate your questions, so I hope you appreciate the time we take to answer them.

regards
Glenn Fozard