Ann: Half Year Results December 2015, page-39

Have a look at the impairment analysis last full year report. From memory they dropped the forecast headline in their analysis to $1,200 from $100 higher. Considering the PoG was dropping like a stone I don't think it was unreasonable.

Head back to the Dec 14 half year, when no impairment and we see like for like EPS, only real difference being the impairment. Remembering that the impairment would have been realised over the longer term anyway. Impairment testing is somewhat of an accounting matter, remembering the discount rate of 15% too.

If, in 2 years time the PoG is $1,400, they will mine what is in the ground regardless of any previous write off when the price was assumed to be $1,200 and discounted at 15% for two years.

Ain't bovered by the write off (though it was unpleasant at the time).

The report and lack of CEO are matters that are somewhat more pressing. Hopefully both resolved with positives.