Price, Volume, Costs and Cash, page-28

Good input from all - thanks
On bonding, yes this is an end of mine life liability and hence the relevant question is what is the current mine life and then the next question is are there any mine life extension opportunities which could push this out further? Whilst the bond may need to be renewed in the forseeable future, it doesn't become due and payable until end of life (and there are also care and maintenance opportunities to push this out again...).
On the Smelter free charge this is a good point, but even netting this out all the metrics are moving in the right direction and pointing to good cash generation. Netting this out still points to exception FCF generation at these current price levels.
On Goro, adding commodity diversification to the portfolio I view as a positive. Also, the fact that Vale is looking to take a profit share above a price cap suggests they are keeping their options open to retain some future economic interest. I personally think the best deals are done when majors sell out of unloved assets. Majors invest capital in gold plating the facilities and a junior gets the benefit of all this past capex
I guess we will find out all the answers on how good the results are come September!
Good luck everyone!