email from md/ tom

On July 6, I sent an email asking for a reconciliation of sales and production in tonnes.

This is what he said:

"Jubilee under the terms of it's off-take agreement is exposed to market price fluctuations for anywhere up to a period of time approaching six months.

What this means is that additional revenue would have been recognised during the first six months of the 2004 Financial Year as a consequence of revaluing shipments from the 2003 Financial Year (in a rising nickel price environment), that had not been finally priced to the then prevailing nickel price.

During this period of time the nickel price was rising, leading to the recognition of additional sales revenue".
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So, the revaluation of past shipments plays a role here.

Gerry