Ann: June 2014 Investor Presentation , page-11

bullcatcher,

Yes, staying at 12mt of course that means no expansion. Expanding further and funding with debt at 8.7% coupon rate with an Iron Ore price expected to average $US105 for the next few years might not make financial sense. I am just saying it has to profitable expansion.

Generating cash flow at production rate of 12mt does is my point. I just would like to see management consider it as an option and think the market would react positively if they did.

Using debt in $USD also negates a lower AUDUSD as well, that most likely will happen in time.

Borrowing in $AUD would be better of course but domestic debt markets mustn't be an option for AGO. Like most business's in the asx200.