The bigger issue, from a longer term perspective is that NCZ,...

The bigger issue, from a longer term perspective is that NCZ, was to work and work very well due to the amount of obligations they have taken on regarding the ultimate rehabilitation of the mine, pipeline and port. The QLD DEHP calculated that the rehabilitation cost will be $240M, upon mine closure. NCZ now have that obligation. The DHEP applied a 20% discount to this figure and assessed the Environmental Bond for the mine, etc to be $191M. As a part of the deal with MMG for acquiring the asset, MMG agreed to leave in place their environmental bond until 31 Dec 2026. At that time NCZ have to replace the MMG Environmental Bond, meaning they have to have cash reserves in place by then to back a nearly $200M bond. Therefore, they need to start accumulating cash in the next few years and planning for being able to replace the MMG bond with their own bond. That is why I say this operation has to work and work really well. It can not just be something that limps along. It's got to make some serious money given all the medium term obligations NVZ has.