income and expenses, page-3

Hi Fontenay,

Appendix 5B reveals all. Not hard to work out by looking at Receipts and then deducting Production, Freight, Administration costs and you can throw in any interest expense as well.

My post were my views. If you don't agree it's your choice. Nothing negative about it except for stating some assumptions (mostly MOL's) and facts.

As I have stated previously, I don't believe they will turn a profit from their iron ore operations. Cashflow and cash profit are very different.

Take a look at AGO. Can you see them making a profit? Forget development and exploration costs, take away the direct expenses from the revenue and you can see for yourself. AGO is where it is because of the extensive tenure it holds.

Atlas Iron September 2010 Quarterly Cashflow Report

I'm posting whatever I am seeing. There is no malice intended just a bit of reality.

I've changed my sentiment.

;)
Nic