It is pretty clear money has been spent on mine development . Plant upgrades mainly. To get the upgrades working properly cost much more than budgeted. Hence we have debt that needs paying down.
The plan was to clear $12M creditors in a few quarters.
The new MD is on a lowerbase salary than the previous MD so management overhead is reduced.
Haul road collapse delays things.
The new COO is based at the mine, so he is on hand to see that the necessary work is done (we hope) efficiently.
Ann: Mineral Hill Operations Update and Funding Arrangements-KBL.AX, page-31
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