It's placing 0 value on the Iron ore project and 0 value on...

It's placing 0 value on the Iron ore project and 0 value on Eagle Downs and other less developed coal projects.

There's a few projects in South Africa, as they are in South Africa, so those are definitely no-goers.

Relative to Roy Hill, we're a year behind (but we don't have Gina's kids holding us back, so could catch up quickly). Our ore is slightly better grading but has more impurities. Our JORC resource is smaller and encompasses a smaller area, so production rates will be slower, but our strip ratios are better. All in all, I'd estimate that AQA's operating margins will be 75% of Roy Hill's.

Cost escalation is so last year :) You'll find project development costs are stagnant to dropping atm... but we are in Australia :(