Looking at Macquarie report the cash has gone like this:
FY Dec 08
Outgoings
Divvys $200M
Tax $174M
Cap Ex $1107
Exploration $51
Incomings
Cash flow from Operations $174M
Drawdowns $374
Share capital $43
Net cash total outflow $933M
NB: There are some other minor items
And so there disappears a big part of $1.2B
They obviously thought they could fund the Cap Ex from day-to-day operations and did not think prices would fall as much...
Cheers
Muzz
