last chance to buy under 80 cents, page-20

note also cash increase of only $5m for the quarter - would reflect high cost of shutdown.

I calculate 2010 profit then as $88m - basis started year at $247m, less $110m capital return = $137m, now $225m.

$88m is a long way short of the $150m bandied about.

when investing in MRE you need to remember this:

Management have always over-promised, under-delivered.

You need to take 2011 production forecasts with a grain of salt. I use 30K for share price valuations.