Ann: Half Year Results Investor Presentation, page-39

And another article in the Oz today. Me thinks the heading sums it up pretty well: Stanmore off pace in BHP contest

The rest of the article says that SMR has been the most conservative with respect to price and won't do a capital raise. So pretty much ruled out SMR as an acquirer...

So what is SMR going to do with all the cash they are piling up.... Without doing any calculations to support my figure they must be making cash of circa $200 per ton at the moment (which would be "tasty" @S1459). At a production rate of circa a million ton per month that is $200m a month so by the end of Sept they have an additional $600m (noting that tax and capex have to be paid at some point) and $1.2b by the end of the calendar year. So what are they going to do with all this cash? Dividends or share buy backs or buy out the minorities? The circa 300m shares not owned by GEAR at $4 per share would be $1.2m.....

Best

BSP

NFA, DYOR, BAC, GLTAH