Ann: Corporate Presentation , page-8

wjr - how did you get those numbers? When I plug them in I get significantly higher revenue?

2013- revenue excluding freight= 69m
Given 140k tonnes produced ~500/tonne overall

Working backwards assuming zircon=12x garnet, chromite= 4x garnet and ilmenite=2x garnet gives prices of:

Garnet 130/t
Ilmenite 260/t
Chromite 520/t
Zircon 1560/t

Am I reading the revenue figure incorrectly- I presume the freight cost would be separate to the base prices? If you use revenue of 85m you get 150/300/600/1800 roughly.