Value., page-209

I also believe that there is still good upside from the bauxite operation but the poor Sconi decision gives shareholders doubts about the management.In addition we have a line of credit in place ...DEBT FACILITY...this would not have been necessary if $20 million could have been extracted from AUZ. Any extra money could have been used to to investigate or move forward other projects while waiting for the wet season to pass...we basically at this point of time weaker economically than what we should have been.
Why $20 million...at least...because that is what has gone into the Sconi project...here is an excerpt from the July 2007 quarterly

"CASH POSITION STRONGER... Based on existing cash of $5.35 million and $4.75 million from the coal divestment to Cockatoo Coal and $5.9 million from the YTA placement, MLM is expected to have around $15 million cash by late August. The majority of proceeds of both the YTA placement and the coal divestments will be applied to the NORNICO nickel project"
YTA our largest shareholder received 5.9 million shares at $1.10.Brownpants, Copperroad, how would you like it if you were fronting up the money and the project Sconi project got sold for peanuts.

Why would you not negotiate the sale of Sconi on the basis of costs that we sustained when there was strong interest renewed in the project...more than likely even London had heard that Sconi burden to MLM.

The Sconi project was the flagship of MLM from July 2007 until June 2013 when it was deferred due to market conditions. Copperroad,Brownpants why dont you do some research into the Sconi project and see the amount of work that went into it. Every quarter onwards from July 2007 until its deferment in July 2013 it was reported...it was ready to go ...Andrew Gillies MD at the time went of to london and China trying to sell the project but it was before its time, it was ready to go... Jorc Resourced,ML approved,Environmentally approved.

I have another company on the ASX that has a non core cobalt asset from historical workings high cobalt values...it is going to drill it just to see if they can extract some further value for shareholders...contrast that with us...sickening!

If you think I am bitter I am not ...I am a top 10 shareholder and bought most of my shares in support of the bauxite project and I still do but Brownpants, Copperroad you have no respect for shareholders that went through that period...and I was one of them...and both you and others lack an insight into the history of the company