Two things from me:
1. Renison (100% share) has built 1,200t of tin inventory over the past 5 quarters. Liquidation value of this is circa A$50m (100% basis)
2. If you normalise net debt for EMR payment (received 8th July) and jump in receivables from delayed payment from smelters I have them at A$27.5m net cash.
Ann: Quarterly Activities Report, page-6
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