Ann: Koolan Island High Grade Iron Ore Shipments to Accelerate, page-16

The guidance given by Peter Kerr over past years has not been met on several occassions. In particular the guidance regarding the stripping of over burden / low grade material that was continually revised and ended up taking a lot longer than originally anticipated was upsetting to investors and was reflected in the SP dropping to the 30's (if you go back through my old posts you will see I was snapping them up at the time).

Mines spend millions on geological examination of drill cores to get an indication / inferenence of a resource . . . but there is a lot of space (30 to 50 metres) between those 4 inch core samples . . . so what lays below is an indication or inferred resource . . . it is not a guarrantee.

When BHP moved out of Koolan in the 1990's they did so because they took as one article has stated "the easy pickings".

In recent reports, going as far back as before the plant fire in August, Peter Kerr has stated several times that we are now "consistently hitting high grade".
Consistently hitting high grade is great nrws . . . . but it is no guarrantee that at some time that grade will not change . . . that is a risk that we take as investors.

Peter Kerr can only make forecasts based on the geological information before him at the time.

Peter Kerr cannot predict fires or severe weather events.