You have been lied to. I think there is a clear case of non-disclosure here.
This company has just told us they are completely changing their field of activity without one word of warning. All public statements to now have suggested the Zircon industry was always going to be the heart and soul of this company. All of a sudden it is an unsustainable business - and as has been pointed out the price of fuel and the $A have improved markedly in the last few months.
They now have coal tenements for their future. If they can't get Zircon on a boat in the Tiwis, try getting coal on a ship in Queensland when the existing majors are already crying for better infrastructure.
A complete joke (read fraud). A handful of guys have made a reasonable living for a few years and their provider, the ASX will just let them go on.
I am all for people giving it a go and failing, but to mislead your investors is certainly gutless and possibly criminal.
MAL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
