Ann: Cockatoo - Offtake Agreement Executed , page-7

"Since the $20mil is an asset, and no shares were issued to see an increase in our assets. Should the sp rise ~40% (ie $20mil) as a result or is this flawed logic?"

As I understand this $20m is all that Cliffs received for " selling " Cockatoo to PLV - I imagine the cost of the rehab must have been close to $20m perhaps more perhaps less.

I presume its money the govt would use at some point in the future to rehab the island if PLV were no longer in business. While they remain in business the rehab is their problem at whatever it costs at the time ( presumably many years from now )

If the rehab is completed to enviro standards the govt will refund the bond - All though its an asset I reckon its safer to write it off for now and concentrate on the balance of the payment for 1mt ton.

Hoot