Ann: ROC 2013 Full Year Financial Results , page-6

Blam

very good and balances summary

Agree RSC is a negative, looks like they will get out what they put in although of balai is developed than the economics may improve.

the positives is that there seem to be a couple of decent reserves additions pending
Beibu is outperforming which will likely mean a reserve upgrade if it continues to outperform
Low Capex year means Cash will accumulate quickly
Production upgrade possible during the year
Reserve upgrade possible during the year
BMG may be able to be motenised

Cash and DCF value if 65.1 and 67m which gives us 127m usd which equals which equals 147 m aud at todaya exchange rate. Given low capex this year of 60m only I suggest cash and inv will be over 200m by year end.