The way I'm reading this is that 3.5c is the worst that you can...

The way I'm reading this is that 3.5c is the worst that you can do whilst 4c is the best depending on their contingency cost. So is the residual value then based on what they can get for Cashmere iron and other tenements to get to 4.6c?? I must admit I didn't expect the wind up costs to be so high as I was thinking the NTA would be about 5c exclusive of cashmere iron.