I think the net debt is higher towards the $5bn mark and Ben Lyons had a point on the analyst call. Depending how you do the accounting and MinRes have done a bit of massaging. Like most corporations, especially come EOFY or budget time.
In the transcript of the FY 24 analyst call there is an interesting exchange between Chris Chong and Ben Lyons. Chris Chong explains that the $900 million in cash includes $600 million from a prepayment. This prepayment is listed as a liability (money they owe), but it’s not included in the net debt or borrowings because they are treating it differently in their accounts.....
The prepayment was related to iron ore. Chris Chong explains previously that the repayment for the prepayment will be made in the form of delivering iron ore, not in cash.
I.E we know we owe something but its not a debt?
$100 share price, page-422
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