Good discussion Dj and I am glad we are having it without...

Good discussion Dj and I am glad we are having it without offending each other . My view - Cash wasn't generated. It was spent on mine development. So in one door out the other . I don't call that cash generation
For the record - i did compare cash and receivables and inventory over the march 16 to march 17 quarter . There was according to annual report only a very small increase.
I think going forward you will see the reality of cash generation more clearly, as they have run out of stockpiles to mask the lack of true cash generation
The only figure you should focus on is c1 cash costs so you can have a crack at working AISC . With last years figure running at 80 aud and this year looking like it will exceed that , you can add royalties, corp costs and your own estimate of sustaining capex. When I do that I get 95 aud. in very simple terms i think they need 100 aud net pellet price received to make money and about 105 to pay sustainable dividends. That is around 75 -80 USD after shipping. Thus about 87-90 usd before shippping. Mind you it is very possible this years c1 cash costs average 85 plus as I think quarter one will be 110-120 so they may need a 92 usd pellet average .
Grr can make money but I think they need 62 fines
Price of around 68 plus