HOTTIN, I agree.* The company reports all in cash costs of...

HOTTIN, I agree.

* The company reports all in cash costs of approx. $80 AUD/T.
* Average 58% Fe price for quarter would be $120-125 USD/T.
* AGO would be receiving approximately $110 USD/T accounting for lower grades, impurities, moisture etc.
* Which is approximately $120 AUD/T allowing for average exchange rate of 0.92.
* Assuming AGO shipped 2.5MT in the quarter, you would expect a profit of 2.5MT x $40/T = $100,000,000.

I expect the profit will be substantially less and the quarterly report will not be transparent to shareholders on where the profits have been spent. Happens every quarter.