ann report, page-19

I have pointed this out previously that the model which CFE had worked before the GFC but it appears on CFE's record over the last 5 years or so that the market has moved on.

If you want to succeed now, you have to do more than polish the car and blackened the tyres to make money selling used cars.

Because that is what CFE does. They find a project and put together part of the story and sell it. In my opinion there is no real value adding, it's just being in the right place at the right time for some unfortunate who is down on his luck.

Yes pre-GFC this made great money, but the market is more sophisticated now and times have changed. It sees the 300k on the speedo and the bald tyres.

If you are in the mining space you should at least dig a hole in the ground and sell product.

That is where the real money is. And CFE has all the contacts to actually mine, but it has not shown any intention to do so. They had a great opportunity in West Timor.

The margins on the way CFE does business is not like it used to be. There are too many people who are willing to dig holes in the ground.

Cobalt is in the money now, but if you want to make good money, dig a hole and sell it. Royalties don't always work out - e.g. Mayoko's royalties had a value of some $120m at one stage, but were sold by CFE for $1m.

I am not bitter, just more exposed and experienced. Otherwise I would have taken action.

You don't need to defend CFE, it is big enough to look after itself.