rcman Not sure where you dreamed up $1 billion in the bank but...

rcman

Not sure where you dreamed up $1 billion in the bank but yes profitability is looking better. My estimate is around A$20/t profit given they quote A$75/t all up cost but don't include depreciation which will as you say be a lot less. So perhaps $10/t depreciation that's A$85 cost and say IO around A$105 that's $20/t profit. At 12mt is A$240m. Net cash as at June was about zero with $265 in cash and $271 in debt. So I can see them with maybe $500m gross cash at FY15 end but minus debt that's around $250m. Am I wrong? Only if IO averages substantially above A$105.

H