Ann: Dividend/Distribution - GRR, page-72

93m NPAT is a crock. what is real important is the cash flow generation and that is poor.

$122m - cash from operating activites is great but is negated by:
$87m - cash from investing activities, primarily mine development and equipment. ie all sustaining capital.

making a net inflow of only $35m. they always mention C1 costs which excludes sustaining capital so the picture seems rosier than it seems.

concentrate prices have more or less been steady this year so things should still be ok for the time being. still holding, however trailing stop is close by.