Ann: Quarterly Activities Report, page-24

I must admit I have only half followed the details of the recent deals. I was a little surprised the $102 per tonne profit only equated to a few Million in extra cashflow, albeit it $10m was a timing issue and $4m was the hedge going against us. i guess I just got used to seeing $20m+ cash being added every quarter.

Re the $5m to Sinosteel and the $5m loan funding, are these one off expenses or recurring?

And the $8m in taxes and royalty payments, I think they really need to break them out into two. One is the cost of doing business (Tax), the other can be the sign of a bad deal (royalties).