My only concern is with the cash balance of $2.5b as it indicates to me that they paid out around $2.0b in development costs during the quarter - if they keep paying out at that rate during the next two quarters then they'd be essentially out of money at the end of June.
I know they have stated in today's report that they don't have to borrow or raise more money to complete the 155mt expansion but it still looks skinny to me - can they really afford to let the cash balance get close to zero?
Let's hope the iron ore price doesn't do a big backflip in the next six months.
I suppose when you've got 3.1b shares on issue, it doesn't really matter if you have to issue another three hundred million @ $4.
quarterly production report, page-29
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