Ann: Appendix 4D and Half Yearly Report and Accounts, page-20

Tin.

Looks like the accounts at Renison are mainly affected by the slower than expected commissioning of the innovative new sorting plant. Stockpiles had to be built up due to the delay in processing while the costs of the plant seem to be being written off quickly. If it has a 20 year life to get a good idea of performance these should be written off over 20 years. Its called depreciation. The accounts are bizarre to me, but may be influenced by dancing around the tax laws specifically for mining. Its a big ask to expect a geologist to be a business school whiz, or someone who can run a sound set of books. The accountant seems to me to be substandard, but that's an opinion. the reporting is deficient in a number of ways. This is of course slamming the share price, but this may suit some people. Is the new CEO going to benefit from the treatment over the slightly longer term, for example?   I feel they are treating the shareholders with a degree of contempt.