Ann: Chairman's Address to Shareholders, page-39

Hi Nordesmic,

I'd be interested in hearing where you see the turnaround opportunity is for MML.

Looking at slide 15 from the most recent investor presentation:



It looks like MML will be cash negative out to 30/6/15 or are costs heavily weighted to 1H. Looking at the language about elevated AISC in the "medium term" due to capex would suggest that this will spill into next FY.

I respect you opinion (hence I am here having a look).

I would assume you're looking at bullet point two (i.e. > grade + > tonnage = > production). What are your estimates for FY17 vs. what appears on the slide above (if you have the time, mate).

You're right from your previous post; Very similar numbers to what BDR will spit out this CY15. BDR's turnaround for CY16 should see their number change considerably. Keen to see how the two will compare from your perspective.


Cheers
john