In the November 14 presentation they stated that :"Short term-...

In the November 14 presentation they stated that :

"Short term
- incrementally expand existing flow-sheet
- 1.2 to 1.5Mtpa"

and

"Ramping up to 2.5Moz per annum during December
quarter 2012"

Note that these two dot points are mutually exclusive. If the first is accurate the second is impossible.

then just 12 days later :

"Company will not meet its target production rate of 2.5Moz per annum by December 2012."

Not only didn't they meet this widely publicised target they missed it by MILES. That they only figured this out in the 12 days between announcements is rather hard to believe.

It's not just grades that were below expectations but processing throughput was also way down (remember the target of 1.2-1.5Mtpa).

Now in the latest quarterly :

"The Company is ramping up to a production rate of 800,000 tonnes ore throughput per annum." That's 2/3rds of the production aimed for previously, not grades but actual throughput.

I want this company to succeed but there's no point sugar coating it, they've been a massive disappointment so far.