When?, page-92

Hi Argyle Pink,
Your point is exactly at the heart of the issue. The SP is just a reflection of lack of progress to finalise any project anywhere and blown out timeframes without explanation. We gave them $50mill 18mths ago primarily to build Kwinana. If we can’t execute a project in our own backyard I suggest we have zero chance anywhere else in the world. Management have floated the prospect of a project on nearly every continent on the planet but that has to be now taken with a grain of salt. They also continue to promote our business as a Vertically Intergrated company but we can’t be if we don’t have a mine or a processing plant. Allan Kohler chalked AS on that point and he was genuflecting with his answers to some pretty pointed questions.