speeding ticket, page-28

Sounds good Bikemad,

Let's hope the small bounce is the start of a meaningful rebound. I'm overweight ARI now, couldn't load up any more, so I bought some in the SMSF at these ridiculously low prices.

I think the average IO price will be above $100/T and possibly $120/T for the year, so ARI will trade well in that environment. If not, I believe they have several options including working capital reductions and non core asset sales to assist the balance sheet (and perhaps this sp rout has helped ARI to weigh up all these options).

It is good that they have avoided CR at every turn. That's what we holders want.

Remember 2012 was their second best EBITDA result ever and with a recovery in the IO price, and growth in mining consumables, the strategy is well positioned to deliver an even stronger 2013. That will make all of this banking covenant chatter a distant memory.

FT