@madamswer Once again, as I am prone to doing, I was simply...

@madamswer

Once again, as I am prone to doing, I was simply presenting some facts without comment. Believe you me, I think +20 after tax returns on operating capital, following a mining meltdown, are most satisfactory. I might even add that the little upward curve in the chart, in FY17, indicates to me that incremental capital has been deployed at +20% after tax returns, and climbing. Most satisfactory, especially when (as you say) much of that capital is yet to fully fire. So yes, I agree, not all operating capital can be truly classed as fully "operating". However, to start tinkering with the numerator, on that basis, does not seem to me the most fruitful use of my time. Suffice to say that I am willing to use that chart to make subjective judgements about where after tax returns-on-capital-employed might be headed, without being overly black and white about it.