noble debt down from usd54.5mln to 43.36mln, page-8

Rocket,

Change in inventory levels may also be a factor which can distort figures. However I agree a single quarterly report may not reflect the true picture. The increase in IO prices were not spread across the entire second quarter.

Having said that there seems to be no reason why the March quarter should not record a net profit well above $15 million especially with the recent decline in the $A. On current IO prices 550,000 (plus) tonnes plus the 2.1.10 shipment should result in a very good quarter.

Also hopeful of a resolution of the Monarch debacle this quarter. I am happy to hold despite the SP but now expect decent results.

DYOR.