Hi Islandar - agree that the debt issue is quickly becoming a...

Hi Islandar - agree that the debt issue is quickly becoming a non-issue. $15m still to be received for coal assests, Mt Morgan assets for sale should bring in a bit more, and Chinese cash + production cashflow all adds up to debt free in 18 months if gold stays up here.

Costs have been the perrenial bug bear for NGF. I'm happy to factor in A$1100 costs as I can't say I'm confident they'll deliver the cost reductions that never seem to arrive etc. Gold at A$1650+ is the saviour here and NGF have huge leverage due to high costs. I think thats why NGF have outperfomed the past couple of days - gold is now at levels that starts to unlock Norton's leverage relative to lower cost peers.