quarterly comments, page-15

Hi Goarmy,

I am pretty confident that a dividend will be announced in September even though we have a lot of debt to pay off - this is why BCI took out a loan rather than pay directly out of profits.

I am not sure how the accounting procedure works with the paying of the $195M purchase price - if it can be paid from "Gross Profit" or "after tax profit"?

I am sure the "direct costs" part (prepayment of 3.5M freight, 5M Macquarie cost) can be paid from Gross Profit but I am not too sure about the payment for the extra 25% share - would this have to be paid from after tax profit?

Any ideas from other posters on this subject?

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Regarding the "> $120" Platt's story
(FMG's very own "mining tax" :-)),

I worked it out to be all the "profit > $120" on the EXTRA 1MT production.

(158,300t x 12 months x 50% is about 1Mt)

This starts in April and runs for 18 months - by which time the IO price would most probably have dropped back to $120 anyway....