Ann: Half Yearly Report and Accounts, page-3

Gold inventorry didn't go up. The cost of the most recent ozs added to inventory had a far higher cost to produce. Recent ozs are likely being produced at a loss.

Assuming an average sale price of $2450 for the half, TBR sold about 22.5kozs after removing the RND Rev of $20M. The accoutns show 15.8kozs were added from production so there was a net reduction of 6.7kozs held.

If you back out the profit from RND, TBR made a LOSS for the half - and based on the EVN forecast for the JV going forward this is unlikely to change in the short term.

Therefore RND only made a profit - and the consolidated group only made a profit - because RND sold older ozs produced when margins were much higher.