Ann: Half Yearly Report and Accounts , page-6

I am just stunned, speechless.

So this mob was loosing more than 3 mill a month and they pretended it was not happening. Somehow they failed to notice.
They were feeding us optimistic progress reports, never mentioning any difficulties, it was all rosy path to rapid shareholders wealth.
Then they come with this bombshell of nearly 20m loss.
Some must have known, judging from the ever falling SP since December.

If this does not look like a fraud, I do not know what fraud is.
Rapid shareholders wealth my foot.

They blame it on broken down second hand equipment they bought. And half a million in redundancy payments for a company with 30 employees , that has been operating only one year look a bit high to me as well. $15K each is generous. Most companies pay 2 or 3 weeks pay for every year of service, so it would appear these miners were paid $5000 a week for working 8 hours a day with weekends of?
I have heard about mining workers are very well paid but 250k a year for working 40hrs is rich.
No wonder the boys were very happy, no doubth laughing all the way to the bank.

How to summarize company like this?

It is not all gold that glitters.

I should have payed heed to the wisdom of the ancients.