my fy13 revenue estimate, page-4

Thank for your input RiverSheep!

The 'amount of effort' you refer to was 5 minutes worth in excel reading directly off the latest ann. As specified in the preceding text, I did actually ask what I had missed... However..

I would like to point you in the direction of the 2012 audited financial accounts report released on the 27th August 2012.

For the 2012 FY, atlas iron exported a grand total of 5.6 WMT (5.1 DMT) of product. The result of these activities was a revenue of $618m (giving a combined average price for standard fines and value fines of $121/t), an operating cost of $405m, and a resulting gross profit of $213m.

Rubbish MLJ!, I hear you say, "The reported profit for 2012 was a loss of $117m!!???" Well ok so you have a gross profit of $213m minus $115m for the tax on previous years profit, minus $76m for exploration and evaluation, minus $67m for impairment loss (basically depreciation & amortisation), and minus $65m for other business expenses.

If you add all those figures up, you get very close to the figure of a yearly attributable loss of $117.

Finally to get to my point - please, inform me RiverSheep, with the evidence I have just given you, where on earth do all these extra costs you are talking about fit in? Essentially you were insinuating that Atlas had more than an additional $150m in expenses??

Answer: its already in the operating cash costs. You can't add them up twice mate! ;) 2012 the effective cash costs was $404m/5.1 = $79 per DMT and this year we are set to export nearly %50 more ore..... which will do what to our overheads exactly?