Ann: Atlas Half Yearly Report and Accounts , page-15

Ok. I’m looking at the presentation and I need you guys to help me out.

3.34 million shipped, divided by the Revenue $288m I get $86 per ton. Not sure what I’m doing wrong as it’s less than the $103 on slide 7. I can't get last years to reconcile either.

Looking at the statutory accounts I get the following per ton.

Mining Costs $23
Haulage $15
Port costs $9
Shipping Costs $10
Royalties $7
Total $64/t

Office and Finance costs add an additional $10/t

Depreciation adds a further $12/t

Our cost $86/t all in true cost.

The following numbers to me show that $250m per half to run the mining operations with about 3.3million capacity.

If the iron ore price stays up at current levels given we know the cost to mine and production what profit do we expect?