Pellet Price, page-299

Monty, Great post. I think we are all in agreement with what you have said.

I have done some analysis of what they have spent on the mine in terms of development and purchase of fixed assets over the past few years. (Note 2017 is an estimate based on 17 H1). The directors have spent over $600m on the mine and operations or 79% of free cash flow over the past 6 years. (from the yearly cash flow statements)

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	Operating cash Flows	2017	2016	2015	2014	2013	2012	Total $000's	% of Operating cashflows		1H2017
1
2	Payments for Exploration		15			-5,411	-14321	-19,717	2.60%
3	Payments for property, plant and equipment	-20,400	-40,667	-54,744	-41,661	-14,684	-27,818	-199,974	26.33%		-9,681
4	Payments for mine properties and development	-50,000	-46,300	-58,930	-93,467	-80,074	-75,817	-404,588	53.26%		-25,135
5	(Payments) proceeds for term deposits		43,862	-28,732	-10,057	55,601	-37,930	22,744	-2.99%		-4,189
6
7	Net cash outflow from investing activities	-70,400	-43,105	-142,406	-145,185	-44,568	-155,886	-601,535	79.19%		-39,005

The directors should disclose to the owners, all owners, what is proposed for next year. This may now be a requirement based on other companies cash flow projections as part of the quarterly disclosures.

Just ignore the term deposits line, for the purpose of this discussion.

Good luck to all.