Ann: Full Year Statutory Accounts , page-4

SW thanks for checking my figures.

Yes the IO price needs to improve to prop up some producers and our Government!

If IOH were taken out at 150% of today's MC, they would pay about $M210, less the cash in IOH. Good long term buying? At $1.70 I believe they would get it with little argument from 1/2 the shareholders but Peter?

To RIO, BHP and FMG I would add my biggest holding, BCI which is still making good money producing at about $43/tonne. And have about 45% of their MC as cash.

Interesting times.

Pat