Ann: December 2016 Half-Year Results Cover Release, page-8

Apart from the continued lack of a dividend, I was saddened to see that "Key Business Objectives" did not include any mention on shareholder value. While normally this is a motherhood statement, it not being front and centre defocusses management from what their main aim should be.

A complete lack of progress (announced, at least) on pursuing "Growth Projects" leaves me somewhat despondent on whether this company will ever do anything to reward shareholders.

The $46.5M increase in cash holdings could have easily been applied to a divvy of about 4c/share, or nearly a 9% yield. As opined above, this would have put a very healthy floor on the SP.

I do not believe the KI seawall repair will cost anything like $400M. KI has circa 62Mt of resources, but only about 8Mt in the Measured category and only 0.87Mt in reserves. I am sure more tonnes will be converted to reserves, but spending anything like $400M to gain access to such a small resource would be uneconomic. The resource to reserve conversion ratio is the key here. As the SR is quite high, I'd expect that conversion to be low.

MGX needs KI: all their other resources are low grade and so attract a low price. I have little doubt that it is more likely than not the seawall will be rebuilt and that rebuild will be substantially covered by the insurance payout.