Ann: 121 Mining Investment Hong Kong Presentation, page-24

PG, as mentioned, its for insurance purpose. I dont like puttimg a favourable number as it will put pressure to the ann and setting up misleading expectation in people mind. Imagine if BB been selling the maiden JORC as 150mt, i think the sp would tank as missing market expectation. I know HC readers represent only a tiny portion of the market but still. Even adding 50% to nzc' capex, look how favourable it is to arl's (USD$490m/1mt)?(note: i have not read their anns, just go by what i read here)