I sent an email on 6 July asking for a conciliation of the...

I sent an email on 6 July asking for a conciliation of the tonnes produced and the sales number.

I received this reply:

"Unfortunately several factors impact upon Jubilee's sales revenue, one of which may provide the explanation to your query.

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".