Melior starts Production on schedule!!, page-9

@surfydad good stuff adding more value.

w.r.t to trusting the report, unless you are a trained professional yourself, you cannot really make any informed decision. This is the main reason I said you have to take it as gospel, because unless you have intimate knowledge of the process, transport, pricing and ongoing operating and capex costs you cannot really back any opinion with facts... But fully agree you can put lipstick on a pig, and I hope this is not the case, given I don't intimately understand the project, I'll trust the report.

I agree 100% that Goondicum is a high risk project (based on past failures), but so too is Urquhart Point - the cash margin of Urquhart Point is only around the A$10-A$15/t mark and the cost to produce is around the A$40-A$50 (if I recall rightly), so Urquhart Point although a simple mine/process; as in low strip ratio, easy haul and easy barge, is definitely not without risk itself. Because the operating margin is low, it too is heavily reliant on pricing and therefore a similar pricing sensitivity could be completed for UP. Keep in mind A$10 is only US$7.3 right now, so extremely sensitive to pricing environment - now I am of the opinion that Chinese demand for bauxite will continue to grow thus driving the bauxite price - however low margin means not without risk - and unfortunately non of us here can predict the future...

Something that I think everyone can agree on: It is negative that MLM will go from a positive cash position to a position of debt, especially given that now the haul road is approved we SHOULD be cash flow positive come H2 FY19.