Ann: Sale of Iron Valley, page-8

Yep, got to be happy with this deal. I was hoping for an announcement on Iron Valley prior to 30 June, so its a box ticked for me.

Having said that, again no real details, ie JORC numbers for the remaining Iron Valley Northern Pit?? So we don't really know if its a good deal or not, just a 'gut feel'. My 'gut' tells me its a good deal.

Also interesting to note that MIN did not release an announcement on this yesterday - obviously not material for them......

When you look at the BCI numbers for IV, the last 5 years (to 30 June 2023) have earned BCI just over $160mil in EBITDA (not revenue, but EBITDA) from the ownership of IV, so $70mil to leave it and walk away seems pretty fair to me, even without knowing the northern pit numbers.

As has been mentioned, it also enables the business to focus solely on Mardie, to 'Get it Done'......

It should be pointed out as a reminder, however, that this sale cash is for "non-Mardie expenditure"......

I did find this comment from the announcement a little strange.....
"BCI will receive a final deferred payment of $34.1M in July 2025in settlement of all outstanding amounts under the IOSPA (including for the period from 1 January2024) and in consideration for terminating the IOSPA."
Why are they going back to 1 Jan 2024 for pricing adjustments.....??? Again, no details, just strange......

Regardless, just a final word on MIN RES, who have operated the IV mine for BCI since it commenced operations in late 2014. The agreement has been varied over time and there have been more ups than downs over the years, but all in all MIN have done a great job with IV and BCI should be extremely thankful they have 'stood the test of time'. This final sale deal speaks to the longstanding relationship between the two. Well done to all concerned.

Anyway, onward and upward as the say.

So, what's the latest on Mardie?