Ann: Half Year Accounts, page-44

No actually I run down the inventory by the end of 2022 to maintain sales (which even so drop sharply in 2022). I would say the real difference between us is what production will be over the period. I have much lower production numbers and so inventory is run down over the next 18 months to pay dividends and provide cash for Atlas and growth projects.

As a warning depreciation is hard for an outsider to estimate and I suspect my number for 2022 may be too high. For example it depends in part on how much is spent on mine development at Atlas in 2022.