Ann: Quarterly Report for the 3 Months Ending 31 , page-11

re: Ann: Quarterly Report for the 3 Months En... They have exercised some financial discipline by not having to sell into a weak spot price market. They clearly said they withheld shipments for that reason so yes cash on hand might be down a bit but no need to worry, we have plenty in the bank. I like this strategy as it ensures we maximise profit over the long run which translates into larger cash and hopefully sustained larger divys for us.

They have cut overheads and closed the Perth office again trimming the fat, which not many companies do when they have plenty of cash in the bank, they tend to think its theirs and spend it willy nilly so I like the report and like where we are going.

They also did some maintenance during the qtr so production would have been affected somewhat