Spot prices for iron ore are certainly above the delivered price for Australian iron ore into China.

China expects the 2006 global iron ore price to return to the level previous to the dramatic price hike.

Underlying demand is very strong. We continue to be optimistic about China. As you look around the world, growth continues to look good.

We see it (the dividend hike) as an indication of our strong outlook for the business in the years ahead, and an indication that we see a strong performance in earnings and cash flow not just in this period.

Iron ore and steel stocks were supposed to be struggling, but they brought us some of our best returns in the quarter.

In many cases our operations are producing record volumes, with production records set in iron ore, molybdenum, coking coal, bauxite, alumina and upgraded titanium slag in 2005.