Ann: Investor Presentation, page-4

Agree that there is nothing new here - which is exactly what we wanted to see (i.e. NO surprises in bringing KI back online).

Next year will be very good for MGX - mining high grade ore and a rapid ramp of profitability. At USD80/t for KI ore and AUD/USD of 0.71, using their Year 1 numbers, this equates to a $77m pre-tax profit or 6.8cps and that will be the low point for the next 5 years! 

Once management have KI back up and running, they will have a lot more time to then work out what to do with the cash pile - it becomes quite a binary decision at that point of either a cash return to shareholders or acquisitions. With new management in place, I would suspect they will be studiously looking at acquisitions in order to now grow the company.

In twelve months time, I suspect that the current share price will look like a bargain.