Next Shipment - 9th of July, page-32

From corp preso 2 June prod 120,000t
Margin 830 - 500 = 330 roughly i.e. revenue = 120,000 * 330 i.e. approx 39mil.

From Quarterly cashflow 19 April

Staff costs 1,969,000
Admin and corp 996,000
Int & finance 882,000
Total Roughly 4,000,000 * 4 =approx 16mil/a p.a.

i.e. 39mil - 16mil = 23mil

There could be an argument that 120,000 t/a might not be achieved next year or that production costs might be lower but we don't what they will actually settle at yet but I don't expect admin costs will change all that much.

P