Ann: Presentation - Macquarie Western Australia Forum, page-2

OK around 10000
Tons of Concentrate to be shipped by 15th December.
This comprised about 2 months at 50% mill rate. They ship at 10Kt at
$2 million will give $20 Mil revenue. So 1000 Tons Concentrate is 2 million.
Therefore They are selling it at $2 000000 /(1000 *2204/lb*7.3%) = A$12.43.
or $US8.95/lb. This is more than 95% of spot Price. That is why I said that refining
cost is offset by byproduct credits.This is conservative production and they gave themselves
lots of room for inprovement for next Quarters.
Hope the Market like it. GLAH