Joe Lowry up to his old tricks, page-33

You won't find a profit in the quarterly reports - these are simple cash flow statements covering Borax and the corporate overhead and little else.

The SDJ financial results are equity accounted in the half year and full year reports. It will be some time before we get hard evidence on the financial performance at Olaroz as it is performing today. In the meantime, the customs data and some reasonable cost assumptions can take us a long way to filling in the picture.