AT $1850 US hrc, we are talking 10 share eps/cashflow beforetax. Now, they can shield some of the taxes. Assuming full tax, fed and ontario is 26/% range. So we are talking 7.50 a share coming though the door even if fully taxed each quarter. If HCC holds near these levels till the end of the year ( current futures curve) that means 15 bucks a share will be coming through the door---not counting the tax they can shield with loss carryforwards and CCA reductions.