Ann: Quarterly Activities Report, page-7

The HNC project is looking the goods.

NIC issued around $A388M in stk for the 10% interest and we are attributing $A19M a qtr or $78M p.a. The payback could be achieved in under 5yrs.

I continue to believe there is a lot of latent value in NIC. I'm eagerly awaiting the 2H as JW's comments around NPI producers in Indonesia as well as outside participants leaving the mkt is also what I have heard. The NPI price has been volatile of late but that may all be coming to an end if production cuts hit the mkt. I dont think the small losses at HNI and RNI will be repeated given normal ops will resume in 2H, so its looking good even in this terrible pricing env.