I don't think you missed it at all, Hotfire - if it was revealed...

I don't think you missed it at all, Hotfire - if it was revealed there seems to be no one around these threads that noticed it.

The debt and deferred tax liabilities at note 10 in the accounts is expressed in AUD. Presumably this is held in ARS on the SJD balance sheet, but to understand it in USD terms vis a vis the project funding, the spot rate for USD/AUD was at 1.2214 (note 1).


The real ouch in note 10 is the VAT issue - 29m AUD of VAT paid out (primarily on the capital investment) that can only be recovered against VAT collected on sales as they start to flow and is expected to be recouped by H2 2018. I wonder to what extent this was foreseen when considering the project funding.

Also of interest, at note 14 they are in arbitration with Rio over possible breaches of warranties Rio made on the sale of Borax. I am sure there will be no other comment on this but it is intriguing nevertheless.