Value., page-227

What short term negotiating could be done? AUZ will be cash flow negative for the next 3 years and require institutional and share placements to keep things a float... AUZ did not have the cash for any other deal, and no one else came knocking - SCONI was a non-core assets for over 18mnths, MLM made the only deal possible, hindsight says they could have negotiated better. Lets wait a couple of years to see whether AUZ can get the mine running, if not it'll be back in MLM's hands - if they do, well done.

ML is with the state government - this is an uncontrollable event. Which has sat on the table for far far too long, and with the election could sit for longer - but management cannot control this inaction from the government - so you cannot place blame, it wouldn't matter who is sitting in the chair ML wouldn't have been issued... Shipments from Weipa cannot happen with ML - uncontrollable...

Controllable events have been controlled well, there has been minimal dilution and MLM have the potential to make real revenue within 6M. Don't get me wrong I originally invested in MLM largely because of SCONI - but reality is - it is a nothing deal until AUZ can prove they'll get it running.