Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-9

Completely agree. The royalties was a huge kick in the teeth, especially given their plans to ramp up three sites and provide so much local employment opportunity (no wonder BHP are thumbing their nose at Queensland). And whilst I understand the point @bigchops is making - they are hoping to finalise ramp-up at ES and therefore capex spend will fall away - on an operational basis the assets just aren't anywhere close to making enough money to even service the debt levels, let alone start paying it down. I don't see how that can continue?