Will warrant convrsion help with debt, page-44

Ph1 plant value was written down to the actual cost of Ph2, reflecting the delays etc Ph1 build & startup.

There is no value attributed to Mt Weld in the Consolidated Statement of assets, JPM's last NPV was $3.3Bn @ $28kg basket, and in no way does that capture the full value/potential Mt Weld.

CJ should make at least some effort to understand the SEG/HRE story thru 2016 before rabbiting on about inventory, not to mention the new found strength & stability allowing supply lines to be filled.

Quite obviously the purpose if the 5c warrants issued to bondholders totally escapes him also.

Retrograde is a tag that springs to mind.