Ann: June 2014 Quarterly Report, page-30

Just on the Value Fines......

Ken - Direct Quote from the BRR Analyst call - Questions and Answers

"So really, the way we view Value Fines is that........
if we can achieve a price in the order of about $45 (p/ton), or just a fraction under, at a FOB level.

Then that to us constitutes a reasonable price to be targeting....
the reason for that is......  the way we describe that historically........
is that the product is typically coming out anyway......
and so in essence it is a free issued product to the crusher.....

So we would typically look to deduct the direct mining costs, and say that that is a net benefit to the product...... if it can be sold.....

So hence we would move it through the system if there is flexibility in the logistic's chain......

So $40 - $45 a ton FOB, constitutes a key (sort of) metric for us to have targeted..... roughly".

cheers