I believe the tables provide in this part of the report (Page...

I believe the tables provide in this part of the report (Page 12) are not comparable. The operating results are for Foxleigh on a 100% basis, while the attributable cash receipts are for the ‘Company’ which I take to be “Realm Resources” per the glossary (Page 30). If that is the case, then the tonnes sold need to be reduced to the 70% attributable to Realm. This gives an average price of AUD 174 per tonne over the Sep 2016 to May 2017 period discussed in that section of the report. This equates to USD 130 per tonne at an average exchange rate of around 0.75 for the same period.

The audited accounts for Foxleigh Coal Pty Ltd (Schedule 4 of the Explanatory Statement) show on Page 9 that for 2016 the operating activities provide a positive cash flow of AUD 52.8 M, which is a good result given the benchmark price was around USD 80 per tonne for three of the four quarters in 2016. For 2015 the operation provided a positive cash flow of AUD 2.6M although this was helped out by the ATO (!). This suggests that the break-even point for the mine is somewhere around the USD 80 per tonne mark. This also supports the Independent Geologist’s use of the same figure to conservatively estimate reserves.

As a quick comparison, the USD 1.7 billion Grosvenor mine has just been commissioned and is expected to operate at an all in sustaining unit cost of approximately US$82 per tonne (http://www.angloamerican.com/media/press-releases/2016/12-05-2016).