Ann: Half Year Report and Appendix 4D, page-71

Substitute Atlas Iron Limited (or subsidiaries) for ANY mining company which,
a) owns a tenement
b) has a rehabilitation liability (including drill holes, camps, etc)
c) has a debt to a bank or finance provider, secured by mortgage over the tenement
d) is not owned by me

The correctness (or otherwise) of this is regardless of the actual company under discussion here. To have rampers come here and suggest that D&A doesn't matter, that the company can toss a match on mining equipment it doesn't own, that it can just relinquish mining leases at the drop of a hat to phoenix itself (illegal), in order to turn a 25M EBITDA into a reason to buy their shares off them for 5c instead of not buying them at 1.7c....I ask you.