And to balance that is Slide 7 that says Net operating cashflow in FY17 was $152mil after investing $95mil in capital projects and exploration, but in FY18 this rises to $200mil so Net operating cashflow falls to $47mil and it looks like the gold price in FY18 will on average be lower than FY17 so NOC might be even lower than that figure.
Ann: Investor Presentation - Sydney Mining Club, page-3
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