Ann: High Grade Ore Sales Commenced from Koolan Island, page-190

Can you be more specific about Geraldton port movements? How are you able to identify MGX's movements from the rest? Can you estimate the volumes shipped?

As for Shine, from the 2016 Annual Report:

"Development of the Shine Project, 85km north of Extension Hill, was deferred in August 2014 in light of prevailing market conditions. However, the project remains a potentially viable development opportunity when iron ore market conditions improve."

Now, in other words... Might be worth writing to the company to ask if this is under consideration. Presumably now that KI is operational and cashflow positive, and particularly since the mine life is short, they will be looking for the next play.

It goes on: "Total Mineral Resources at Shine are estimated at 15.9 tonnes grading 58.1% Fe as at June 2016."

That is $2.3bn at today's prices. Surely extraction costs are lower than that. But it's the perennial question: how long will these prices last?

In any case, given the current prices, Shine must have a carrying value greater than the $0 recorded in the books. Another point for the share price optimists.