Big call to suspend but I would much rather we get a clear and...

Big call to suspend but I would much rather we get a clear and accurate picture of where IOR is at currently and where it is headed. No good releasing a half baked Ann that only tells us they are working on something. Having some disappointing drill results may mean the change of direction will be to have others supply the feed. The idea was to have their own leases to secure ore but maybe that’s about to be over turned. Also the reliability of the contractor to dig up IOR ore was a shocker so without having everything in house any part of the chain can break if not keenly monitored. Plenty of low grade ore about, supply should not be an issue, reliable supply is another thing.

Look at phase 2, they build it, tested it, found issues and resolved then ran it and said it could meet target volume and gread but we ultimately found out they could not reliably feed it. I am getting a sense that the new Management are active rather than passive in the approach to doing business. The changes in personnel made in the last 5 months are starting to impact the business. Looking at the feed supply it’s not stacking up as hoped so what now. Previously I think they would just forge on and complete phase 3 and work out feed later. Now Management are trying to work out feed before the plant gets built, far better to do that now so when/if phase 3 is commissioned you can feed it. Is IOR holding mining leases the right way to go or was it just what was thought best and never questioned. 

I have always felt with good strong active and even hungry and ruthless management IOR can play hard ball in India and succeed.

I am actually encouraged by the review. What do we all want to know?  Is IOR going places and how, what and when. Some strong governance and clear direction is what they need. Cash for phase 2 upgrade and phase 3 construction is available but is it the right thing to do? Is there other opportunities that have been overlooked, under investigate, neglected and so on because benification was the pet project and must come first. Are there other opportunities that have been raised that we as holders have never been informed of and are they a better option or complementary to current activities. Is getting phase 2 upgraded, fed and selling and then using phase 3 cash to undertake another option a better strategy? Maybe for the first time the important questions are being asked and not just business as usual going down the underperforming road we are familiar with.

NSL/IOR have had many opportunities presented to them in the past but all have gone quitely into the night. Maybe the new Heads have asked why weren’t any of these followed up and lit some fires.

Very Interesting times.