Take Overs Panel, page-5

nothing wrong with the capex. always saw the metcoal product and relatively low capex as the best points about the project.

though $145m on a $280m notional build now cok has 100% ownership leaves me wondering what you think makes up the shortfall - let alone the capex required for linking infradtructure and the gladstone port outlays

margin at curren 92us pci would notionally be -$10-15/tone npat i expect.

ie opex before royalties, admin and transports costs is probably aud 105-110

theyll be wanting the rba to cut rates asap to lower the aud