You're right - the Murchison was a travesty of the then...

You're right - the Murchison was a travesty of the then management and as I understand it took cool hand just an afternoon to diagnose such on him joining SLR; a simple spreadsheet would have told them that at the PoG in April 2013 it was not viable. The whole project made little sense without a high PoG or new HG discoveries the cost overruns, signing 12 month mining contracts and financing from NAB on a re-callable loan exasperated the disaster. I am still frustrated that those on the board who were responsible have not stepped down. The fact is that cool hand was not one of them and made the best of a very bad inherited situation. On the other side of the coin SLR would probably not be in business now without the IGR assets; although the timing was all wrong; at least it was a script takeover.

Whatever the past mistakes simply paying out the "war chest" in divvies would expose SLR to serious risks and also set aside any possibly of increasing production and improving resilience by opening another processing centre, taking advantage of M&A opportunities or exploiting joint ventures. If your view is "Leave the money with them, they will go on Spending Spree, leaving Share Holder Empty Handed" then maybe you should consider selling your interest and leaving the company to long term holders. I am a contrarian investor and hold the view that "someone at the top of the class has only one way to move (i.e down). Those at the bottom of the class can move up but have to change their attitudes" . Hopefully SLR's "good ol'boys" have been relegated to the back benches (it still pains me that we pay them; particularly after a 36% rise and against of "peer group" with an average market cap of over five times SLR's). It's really down to cool hand and the new KMP's to use our money wisely to safely grow the company.