Ann: GRR - Quarterly Report for 3 months ended 31 December 2015, page-8

GRR is in a position that probably 95% of the other I/O companies wish they were in, interest on the cash at hand probably covers most of the admin costs of running the business, the refurbishment of the Mills has gone very well with no cost over run. Sure the Divy might be cut this term but how many I/O companies are paying a Divy right now? GRR will weather the storm and when the storm passes and the sun comes out this company will be a good position. At some point the supply curve will adjust as high cost producers shut down or mothball operations. Management have done an excellent job in my opinion and I don't mind holding this one at the moment. Sure I'm under water but happy to hold for the long run.