$21m debt and how much left after 3mo to sept., page-5

i'd like to think the scalps were costed as overburden and expensed at time of removal.the same with past underspec material.i.e. written off as valueless until used.They weren't mentioned in prior reseve reports,i don't think.
Just as i would imagine the piles of low value firmco fines were treated as valueless until processed/blended into the feed for the last 12mo.Didn't know they existed til they mentioned them.

I believe,considerable planned blending will now be taking place to ensure that TTY supply only JUST OVERSPEC material,rather than fluctuating material ABOVE the spec as i imagine was the case in the not to distant past.

I note the new crushing contractor producing more lump/less fines(often worth slightly less $10-20 ton).Again more attention to detail.

YOUR SEEING A GREAT MINE MANAGER IN ACTION by what he's improved over the last 12 mo,or so,like filling trucks to the brim(no more sloppy fills)saves gas,increases load transfer of EXISTING trucking fleet,before driving off.looks like he believes in KISS-(keep it simple stupid)Cutting out the slop.incremental improvements,such as upping ability to keep producing in the wet season,(nearly here),a current weak area.No problem with NOBLE as to directing cash to these areas(like the third mining fleet),rather than paying debt.Says they want quick maximised production as well,rather than their money back in a hurry,tho it means they get both.

Probably an adherrant of old unfashionable MR 5%.i.e. improve everthing by 5% and double your profits in a year.

That also means greater pit control/value from lower spec mtl that doesn't need to be beneficated(concentrated)The new strikes at 63%fe would allow 50/50 blend with say 54%fe while being crushed,not after(saving money and stockpiling/mixing of course).Hence the block modelling of the pit(new pit control)or a lower percentage mix of say 50%fe,say 60/40.Just crush and sell.

Expect costs to drop/or only rise with inflation is my bet.Those low spec reserves,just got marginally more valueable

Buying on the manager and processing history/not the resource.Safer than OST=made $300m+ profit from sale of iron ore-but annual profit only $115m(or any steel manufacturer - BSL worse)

Everyones got resources(and you can buy more cheap if you look),but the infrastructure to process it /ship it and the right manager are the secret to extracting a profit,especially now while the price is high,not in 3yrs when its expected to FALL.Now is the hour as the song says.Tomorrow(2,3or5yrs) may be too late to be producing with new plant as a new entrant e.g.AGO

Happy to see them cash in and sit pretty with what they've got for the next 3yrs,making $60-90m a year.Then bargains will probably appear as quick as mortgagee sales in the paper.Don't see AGO having a chance of making its current market capitalisation $1400m every year for the next 3,but TTY might.We are already producing one tenth of what they hope to in 5yrs.They're roadtraing 115km to their port.Although their claimed costs are lower?But they are all action and gloss and new equipment.