Hi BB,Good analysis. Well done. Some comments and feedback.Is...

Hi BB,

Good analysis. Well done. Some comments and feedback.

Is the $20m for finishing Mungana the price at 2009 dollars or the price at 2012 dollars? i.e. have you inflated the completion cost to today's dollars?

Also, have you accounted for any mine start-up costs?

Assuming that suppliers will probably want cash up front before doing any work, a larger initial working capital requirement may be needed. To have a spare $47m could be a bit tight.

HT1