Ann: Transcript of MD's Address to Iron Ore Conference, Perth, page-3

Definitely worth watching with higher premiums for quality products. The capex sticks out but actually not that out of step (on capex intensity) compared to other projects of the same size.

MD asked to pick holes in the project, apart from the lack of options to start smaller and reduce capex they did some work on crusher selection a few years back that seemed to again reduce opex and capex. The ROM is 70-80Mtpa? I would have concerns their selection maybe a bit aggressive, this is a huge mine at the front end, they have this wrong slightly it will have a significant impact on maintenance and availability.