Was there any discussion on cost position? I'm a bit behind in...

Was there any discussion on cost position? I'm a bit behind in my review of the quarterly, but there are some interesting inconsistencies:

- Company states we're 50% complete - I assume this to be complete by program activities.
- We've spent $788 million, which is 55% of the $1421m (excluding contingency) construction budget - could be slightly over budget or could have paid for services not yet delivered, i.e. long lead time items. If we were perfectly on budget, matched with time expenditure should be about $710m.

However, on this slide, we see a $1,443M number appear, which is $22m above the construction budget and would indicate a forecast drawdown of contingency. If we're only forecasting $22m drawdown against a contingency of $208m, and 50% complete then happy days.. but if the 55% figure above is indicative of likely additional contingency drawdown then it would indicate we've spent about $78m of contingency (788 - 0.5x1421). That would still be an ok figure as it is less than 50% drawdown of contingency...



So.. all that is probably indicative that things are going well and we shouldn't use all of our contingency, but the varying numbers is interesting and unclear to me from the information provided.

Was there any Q&As on this topic?

R42