not such a good report really. 23 mil profit is 6 mil below...

not such a good report really. 23 mil profit is 6 mil below forecast. they state that due to freight increases they have had to provide "freight relief" to Chinese - why ? l am sure Chinese will not pay extra at a later date ? hence getting $3/ton less than they should.

production of 700k is fair but it is about time they exceeded forecast for once instead of the usual excuses.

Koolan Is now to cost 147 mil, from 133 mil and originally 108 mil. this is blowing out, mainly due to the 2 months lost in April and now wet season costs. At least starting to stockpile [ just ] but port is at least 3 months behind target and maybe 6 months. No shipping, no income. By the time they get their act together Fe prices will be on the slide.

Good exploration results on Koolan, as expected, mining should continue there for many years. However sea wall is the next obstacle.