Investor Presentation, page-412

Well as you seem confused, so let me inform no need for "if" PLS does have a lower cost structure and based on AJM cash cost they don't have a lower cost structure.

Look at the AJM and PLS feasibility announcements if you need to substantiate it.

Also your iron ore theory as I have pointed out to you numerous times is ridiculous, but if was true then AJM had better watch out because PLS and KDR have far superior cost structures to AJM.

Me personally I believe whoever goes downstream fastest will win the costs game MIN/KDR are already there and PLS is headed somewhat in that direction and GXY managing director has said they will head there too, oh I wonder who will be next to sign a down stream deal.....

For the substantiation complainers you can find all the facts and figures in the feasibility announcements, but being holder you should already be aware of your own cost right?