Just remember if MIN purchase AGO, it likely will have its equity increased by $800m. Although 40% of the total equity will come from us, we are being awarded with 8.2% of the consolidated equity.
This does into account the assets which were mostly amortised/impaired using iron ore pricing assumptions substantially lower than prices at present, provisions for operating costs much higher than present and AUD assumptions much higher than present. Also it doesn’t include port usage infrastructure that MIN really want that we amortised by about $60M.
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