sept 2013 quarterly report, page-37

Definitely a good short. As I suggested a month ago the price would rise like a souffle, and just as quickly fall once people actually read the Quarterly. As shares007 observed, there's no real profit made which is why they report EBITDA and not NPAT.

The AUD has risen against US and will continue to do so now Obama has confirmed he intends to keep borrowing and keep spending like a drunken sailor, which will reduced revenue going forward. Andrew Forrest has surprised me by his recent donations, but I doubt his charity extends to supporting struggling companies like AGO.

The most interesting bit of the Quarterly is their phos at 0.06% which is below their specification. As a medium phos producer it makes no sense to be down at these levels and shows blending out of 5 mines is challenging them. This will have cost them profit.

Anyway, seen enough today, sold my last batch just now.