Thanks BobTB and Ned, I have been guided to use spot 62% as a...

Thanks BobTB and Ned,

I have been guided to use spot 62% as a fair assumption for export sales and yes Ned, the differential that goes to Trafigura looks significant but it soon gets whittled down with their costs. It's a good deal for both parties. Of course sales to the BSM's will capture the premium for our higher grade ore. The new port deal looks good and I understand the trucking cost will be in line or even slightly better than the US$0.04c/t/km previously flagged - this is good!

Ned, your point about long term pricing is valid. However, I say let the big end of town use that, they will miss the boat, the smarter investors who realize the fallacy of using long term pricing for short to medium term projects will reap the rewards. I have seen it many times where the first investor gets the worm. Remember we are scheduled to start production this quarter and the management are focused on a very rapid ramp up.

Regards

Pihrana