Ann: BCI Achieves 5MT Export Milestone , page-13

Hi guys.

Yeah it's been awhile hone. I've been flatout, seems to be a Christmas rush at the moment with work.

I've been pleasently surprised that the SP has held up as well as it did considering some investors could've just looked at the headline numbers from the last quarterly -- like cash on hand, and decided to move on to another stock. If you were read through the quarterly there was good news throughout. I especially like the fact that even though close to a million tonnes of low grade ore was shifted over the quarter, opex still came in at $45t. You'd have to think that in normal operating circumstances, $42t could've been achieved. Which is pleasing in that the opex figure of $42t in the prior quarter wasn't neccessarily a one off! I also note that the state royaly payment was made in the last quarter, which partly explains why the last quarter of FY12 was such a beauty. I wonder if that was on purpose to recieve MRRT credits?

Looks like we are now set up for this quarter to be a beauty as well. I also note that BCI is still stockpiling low grade ore ... hmmm, and I'm with you Pat, I can't wait for the release of the report outlining every exportable tonne of IO at Nullagine. I few hints regarding that. The biggest one being that it looks like BCI will be spending close to $25M on exploration at Nullagine by year's end. You'd have to think that BCI wouldn't be spending that much cash, drilling all those holes, without there being some sort of payoff at the end. Could be interesting times ahead. Also, I'm expecting that info to be still atleast 3 months away. It wouldn't surprise me if there's a back log of test work awaiting analysis.

Bye guys