and does onesteel need apg?, page-11

Hi Seik,

Well the votes went wrong =3 right =1

I'm not quite sure whether the courier mail ranks rite up there with the Daily Telegraph for unbiased reporting.

But last night I was suffering from both train and plane jetlag (http://www.gluckman.com/Maglev.html ) so I searched some old ILU annual reports looking for the accounting treatment for their tailings ponds in WA.
In the past they have quantified the red oxide tailings ponds as an asset, but on my reading of the notes to the accounts what is an asset is "in the eye of the beholder"
ILU has a pit of sludge that they have held for years, that is continually growing , and yet they haven't processed it to extract value. Looks like a poker game to me where it has slipped to the wrong side of the balance sheet.

Anyway I couldn't find specific reference to the ponds location or value in the 1998 annual report.
I haven't tracked down exactly where the ILU processing plant is located but the ponds must be nearby.
What we need is someone like Tewks that can drive Google Earth over the ILU site to highlite the ponds in a similar to his Indian report