question time, page-118

Tony Highlights for me.


my announcement yesterday said SS&T would fund Timeone with $70m and Timeone would use that funding for the Cockatoo earn in and to meet tranche 4. I said that included the $3m received yesterday. That clearly means SS&T provided the $3m right.


If SS&T were not fully committed in closing the deal why did they put in $3m at 35.5 cents.



We are going to finalise the JV term sheet and Cockatoo Key Transaction documents with Cliff/HWE over the next few weeks. This will lead into road shows in Australia, Asia and probably UK/Europe.



If you look at the current platts price and add the stated premium per 1% Fe over 62% (platts base price) you would calculate net cash flow higher than our current market capitalization.