announcement out - metallurgical results , page-6

The Intersuisse report indicated earnings of 52.8 cps for 2013 based upon 2 Mt DSO shipped and $125/t Fe (on low side).

If we include a cost of $15/t for beneficiation in Asia as Intersuisse used for Irvine and ramp up to 5 Mtpa DSO (because we now technically have more DSO capabilities), using the $15/t to pay for further concentration at the Asian concentrator.

I calculate the NPAT as $235 M, then subtract $75M for beneficiation payments (I know this should come out before Tax but I am calculating this simply) and PLV are left with $160 M profit equivalent to 90 cps.

A near term earning equal to today's share price.