Ann: Presentation - FY22 Financial Results and FY23 Guidance, page-42

Write off what you can and pay no tax in a time when costs are going mad and things are looking uncertain,
Which they are.
No one wants to be paying tax on potentially lean margins.
BB at NST wouldn't touch an ounce unless there was a set margin in it and that is what this management have JUST signalled clearly is their plan.
Hence the conservative production target for this year and writedowns,
Worst case scenario is liquidating ALL premined pit material if manning and Covid is an ongoing issue.
WE KNOW BETTER,once sanity comes to costs,which it will,already steel products are down 5% with more to come (read crushing balls which aint cheap).Fuel an issue for everyone,not just mining, along with power costs which they are addressing LONGTERM -who else is you ask?
Common sense says production targets will be upgraded just on growing mined grades alone if things stabilise or get better,
They have also said they are going to upgrade ore supply and NOT mill anything uneconomic even if it means reduced feed.
No one wants to be paying tax on good margins when a bit of smart accounting can make it tax free and keep the cash generated in your pocket.
Time to be lean and mean on good tax reduced margins while others live or FAIL on inflated valuations and LOW margins.

I'll go for the SMART ACCOUNTING.
Nows the time for it.write off what you can.

DYOR + DYODD The next three years are going to be rough say the economists,no matter what the industry .MARGINAL Companies will fail.
There is a reason Trust/investement companies are bouncing around 5% here and it doesn't include expected failure in the forseeable future.
Big bell having 3? yrs of production pre-developed in advance of production.
A smart move in hindsight or was that always the plan to derisk the future?
I will go for the latter.
Holding