Ann: Sale of interest in North Surat Joint Venture for A$25M, page-9

It cost them well over $100M to buy this stuff from Anglo originally and then they spent many millions more on exploration. This also includes their stake in Woori which they originally sold half of to Mitsui for $37M (it wasn't included in the Anglo buy). Now they're selling the other half, plus the Anglo permits, for $25M total. They also got $10M for Hume. So it probably cost them $120M at least in total, and they've got back $35M, and effectively given Woori away for free.

Just goes to show what a colossal stuff up it all was, spending so much money on useless permits when they should have been focusing on Baralaba. If they'd directed that $140M (plus exploration costs) to Baralaba they'd have had funding sorted out without even needing to sell the farm to Noble.

They can also wave goodbye to the vast majority of their Reserves. They say they still have a big stake in the Surat but that's just bull, the three good deposits are the three in the NSJV and they've just gone.