Ann: Contract Award Koodaideri, page-5

Thank you as always for this contract NRW.

I am not one for understanding the PEs and the NPAT’s or the other numbers  but I do understand you have netted us another sweet fish .....

Possibly some new fleet purchases will be required.  Maybe last month’s bulk earthworks at Eliwana for FMG  used up all your spare machinery.
As that contract was for $57 million and this one is for $65million, I am figuring you may have factored CAPEX into your costs.


I have to confess I quit some other companies so as to load up here in the last few days (as an investor I am very, very biased) and part of me wanted you and Rio to announce some kind of global marriagd secure for the next 25 years.....

Instead of pie in the sky you have served me an example of the bread and butter aspects of your work, of your genuine relationship with Rio, and of the way you approach things in a way that consolidates, protects and adds real value minus the hooplah.

I am reminded (again) of your November guidance :

• SEES HY REVENUE IS EXPECTED AT AROUND $500 MILLION
• HY EBITDA IS EXPECTED TO BE AROUND $70 MILLION COMPARED TO $40.3 MILLION IN PRIOR COMPARATIVE PERIOD
• HY EARNINGS ARE EXPECTED TO BE CIRCA $45 MILLION, AN INCREASE OF 100% OVER SAME PERIOD LAST YEAR

I don’t know how the recent $57M from FMG and $65M from this contract fit in there.  But I guess they probably do.
The overall climate out there is mean and bearish .
(This is actually no kind  time for ‘pie in the sky’ is it ...and you don’t ever serve that up at all now I come to think of it ......which is one of the reasons I invested in your company.)

NRW, you give me a very great sense my capital is safe.
As an ordinary, very biased, unsophisticated person thus is what I find I most wanted to hear.

Thank you again!