Ann: Quarterly Activities Report, page-208

P2W, I did say end of the year, but we may get there during current quarter (assuming no lingering water issues). We are now sitting on ~AU$700m in cash (i.e. excluding money committed for Kalgoorlie/PDF).

In my book we have paid all the PDF and close to half of the $500m Kalgoorlie/Mt Weld budget:


No doubt we will reach AU$1b in 'excess' cash this calendar year. Given that this cash accumulation will continue, and likely increase, I'd be in favour of a share-buy-back program. Specially at this 'repressed' sp.. I'm sure LYC will wait through this year until Kal money has been spent, and more clarity regarding overall market, but a 10% buy-back should be feasible.

In regards to Kal, I earlier noted there was activity in the 'future SX' area. This corner of the site is visible in the QR picture:



Clearly some construction is ongoing, we have to wait and see if the 'future sx' has been accelerated.

Other than that, a solid report, and if not for the water issues it would have been a record quarter.