question time, page-21

Hi mmartin,

that is a very good question that i am not allowed to answer as we haven't announced numbers.

I can say that we have already announced a cost per tonne of $52 and we have a minimum of 1.2 million tonnes at 68.5% in stage 4. We will own 50% with little capital spend. If you look at the current platts price and add the stated premium per 1% Fe over 62% (platts base price) you would calculate net cash flow higher than our current market capitalization. The 1.2mt will be mined over 14 months.

I have no idea what iron ore prices will be next year.