i think it cannot spend all the cash this year, page-4

Hi HC42,
The cash reserves - I agree that on the face of it, we should be getting more interest and yes, we should be holding more in AUD. The bit I do not see is what Bus Dev have in the pipeline wrt M&A and there predictions of execution. Potentially, having the cash at all may be a big bargaining chip. If Posco phoned OZL and said I need the cash and want to sell SFR to you, then OZL would need to be able to pay immediately, otherwise Posco would go to an institution, which has the cash and sell to them. If OZL had the cash tied up, then it could miss the one opportunity.

I must admit, I am being hypothetical here.

HT1