Ann: Change in substantial holding from TRF , page-11

Thanks Gozz, interesting your thinking the same way on the exercise. Hopefully when the maturity looms someone will be happy to arb people like us out at something not too far from fair value. Can't rely on that though for the same reasons in my first post.

Not sure what your meaning about margin vs profit. They do talk in terms of profit after tax from memory. Of course cash flow will be something different with working capital movements. The shipping arrangements with cash paid a month after the ore is on board from memory reduces working capital risks once they are operational. Delays in getting to production will cause higher financing costs which will impact that profit number though.