Ann: June 2014 Quarterly Report, page-40

Jacko (& Ken) you just show a fundamental mis-understanding of iron ore if the mentality is "we've mined it so we might as well crush it".

If you can't make money from it all you are doing is (1) crushing waste because it is below your economic cut off grade (if it was ore you'd make money, because the definition of ore is "that material which makes you money"; (2) substituting waste for product because you don't have enough product to feed your crusher; (3) fooling yourself and the shareholders into thinking you're taking a positive action; (4) above all else, you are wasting money crushing, trucking, and shipping waste.