Ann: Interim Update, page-70

I'm sure the majority of people on this thread will disagree but:

I think this is a pretty low act by the new management to drop all the blame on the recently ex-MD in an attempt to re-brand themselves going forward. Firstly, it's not a completely new board, and Cedric left for health reasons before all this was brought up. Secondly, the company never claimed to be feeding 35% Fe material into the plant, and from memory it was about 28%, but the update glosses over that with their 35 to 45% targets. The whole point was that the geology of the ore is amenable to cheap beneficiation, which typical BIF-hosted ores aren't.

I've been a very minor shareholder for over 10 years and I never thought this was an amazing project or a 10-bagger, but it was a decent small production story in a cheap market with internal ore customers. No exposure to sea freight costs or the whims of Chinese government decisions.

When Cedric took over the MD role the company was a pile of sh1t with some very dodgy deals. He ironed all that out and slowly started building a project in one of the world's most frustrating jurisdictions. He's put in 10 years to try and turn it into something that would create real value, and yet a few months after his departure the new guy has come in and said "Hey look everyone, Cedric f#cked all this up but I'm going to fix it". 

Before you start pouring fuel on the bonfire, do you really think life's that simple?