this could end badly, page-3

Hi Harajukulsland, the devils always in the detail. It is the average IO price during 2H'13 that counts, not if at some point it drops under $US100. Also, exchange rate is important and the $A has weakened against the $US recently. Anyway based on the costs provided by GBG, I "guestimate" (you should do your own research to get your own view since I have made many assumptions to get to this result) that the breakeven IO spot price for GBG once steady-state nameplate volumes are achieved is about $US90-95. So my current unverified view is that GBG should be profitable 2H'13 if the average IO price 2H'13 is above $US100. sdo