News: Generating returns without market relative , page-17

re: News: Generating returns without market r... Below is a paraphrased response from Management to the article from Pengana and Iron ore price.

They said that they did not agree with Phillip’s assertions. Iron ore prices came off during the March quarter, and when combined with the AUD:USD exchange increasing it does impact their margins, however not enough that they can’t still make a decent cash return for tonnes shipped.

They said they have a strong balance sheet (strongly net in cash) and in fact in the last few months on balance they said there has been mostly broker upgrades. With all that they said that they could not see where he is coming from based on current conditions.
They said they are looking forward to releasing the quarterly this week and as a result providing a decent business update.