why?, page-9

I've had about enough of TTY, especially the extremely poor management, they have no vision except the waffle that these clowns sprout without any substance. The only vision they have is FILLING their FAT paypackets even further, and giving themselves free shares for doing ZIP.
I'm now selling down and moving funds into Grange.
It's worth noting that the Chairman of Grange is paid JUST 1/2 of that paid to Andrew Simpson.
Grange is a $800 million company against TTY currently worth about $69 million. Grange currently has $100 million in the bank and no debt with another $60 million expected in the next 2 to 3 weeks due to the difference in the interim price an actual price being paid on pellets already delivered.
Grange has the highest margin in the IO business in Australia with a margin of $120/tonne.

http://www.brr.com.au/event/78244/grange-resources-presents-at-the-asx-emerging-growth-conference-in-london-russell-clark-managing-director

Grange also has a 600++ million ton IO resource to develop that will be in production in 2014. With further drilling later this year the resource will be expanded to 1 billion tons. The PFS is already completed and will be released to the market in the next few weeks. Shagang the largest GRR shareholder is the largest privately owned steel mill in Asia and will be totally behind the organisation and development of the Southdown project. Most approvals are already in place including the new berth at Albany for Capex ships and harbour deepening.
TTY can't dig and deliver when it rains, and now that IO is at record prices they barely make a profit.
I'd always hoped the FOOLS at TTY would get their act together, but it's not worth the waiting, as I doubt whether they'll ever succeed. Other companies like Grange are getting on with doing the job, and they aren't sucking shareholders dry to fill their own pockets.

Have a look at the presentation and see how it should be done.
http://www.brr.com.au/event/78244/grange-resources-presents-at-the-asx-emerging-growth-conference-in-london-russell-clark-managing-director