Ann: Half Yearly Report and Accounts, page-5

I suspect that the next Q report due next month will tell a much better story for Karara - considering that for the Jan-Mar 2017 quarter, the 62FE IO spot price must be averaging around the US$85-$90 p/tonne mark. Add to that the premium we are now starting to realise (last Dec quarter it was 7%), and I expect this to now be larger. The Chinese government is progressively closing down high polluting mines that use low grade ore, which means the high grade ore such as the type Karara produces will fetch and even higher premium.

Lets see what happens. Either way, at these prices, we must be making some money. Otherwise, something really smells with this Joint Venture.