Ann: June Quarterly Activities and Cashflow Report, page-3

This is not a good report. Sales of about $A48M versus costs of about $A68M. This with 2/3 of production hedged at $A120/tonne. They still only managed to sell their product for $A104/tonne. Reading between the lines it looks like they are having problems maintaining impurity levels. No reduction in debt levels and this unlikely to occur anytime soon. I have reduced my holding today and remain concerned for the future. The only hope is a substantial lift in the iron ore price. DYOR.