Looks cactus, page-16

Hi Trumpy

I know they have been cutting overheads pretty hard - were you in the bunch that went that were announced in the profit result if you don't mind me asking?

Also, do you know when those asset sales were - they wrote down a lot of their gear to 30 June at around 70%+ so that doesn't surprise me. Would be a concern if that was on equipment they had already massively written down though.

Also, did you have anything to do with Middlemount? I suspect the recent sell off has something to do with the fall in iron ore price (it was on minimal volume). Most people still tend to think of them as an IO company but Middlemount is the key to survival now - I'm more worried about that than IO. There will always be bits and pieces for Rio and FMG just nowhere near as much as a few years back.

Not surprised to hear KM in there - presume they are looking at restructuring and potentially a cap raise and/or asset sales.