Telephoned and spoke to the company yesterday regarding Smokey...

Telephoned and spoke to the company yesterday regarding Smokey Hills.

Just had a chance to re-read my notes and compare to previous correspondence.

They suggested that the production levels (post management takeover of operations) were in line with their expectations.

Also mentioned that if the operations were either above or below they're forecasts then they would be obliged to notify the market.

Recoveries and grades still ok.

Confirmed that the availability of machinery (tramming) was on tract, and the maintenance to be sorted by May. Previously they had informed me that PLA were not paying any of maintenance contractors back costs, which the contractor is trying to recover from JIC.

Finally JIC owe PLA for Annual Leave provisions etc. for the staff they took over from JIC.

Operations still forecast to break-even in March quarter and small surplus in June (though there can be some timing differences between operations and payments from Implats.

No intention of further capital raisings in the near future.

I just took another look at the Chairman's statement in the 2011 Annual Report (worth a look). I think the current momentum was building back then and we've only just seen the start of the shift.

Cheers

Gus