Ann: Quarterly Activities Report, page-10

Capex was 8,2 million for the quarter, not 25 million.

Much as I love this company, we remain very susceptible to iron ore prices.
And those depend entirely on Chinese economy.
A modest reduction in iron ore prices from 136 to 119 US$ sent our margin down from 95 to 65 A$ per ton.
A recession in Chine might would send us to care and maintainance for years.

We need to further climb down the cost curve und use the haulage and port business to derisk and make us more independent from fluctuations in commodity prices. As of today that is not the case as our logistics customers will only continue to provide us with revenue if they stay in business in a recession. We ought to diversify our portfolio and look for customers with a low position on the cost curve of their commodity.