You need to read the announcements better. Go back to the last...

You need to read the announcements better.

Go back to the last quarter report.

C1 cash costs = $59 US WMT exc CFR
CFR = $52 US WMT

Total cost = $111 US WMT

Then you have the C1 costs which don't include D&A and things such as interest which doesn't seem to matter as Ansteel pay the lenders.

Yes, they have been cutting costs and what not but I would still be expecting costs of around $90 US WMT, meaning that the JV is still non profitable. The CFR is what it costs to basically get it to China from the geraldton port.

So then Ansteels steel mills have to try and produce a profit that covers the loss of the Karara JV and a profit that keeps them going as well.

GL