RE:RE:RE:RE:RE:RE:RE:RE:SUCK MY DIKC !!!!!!!!!How about straight from the mouth of the CFO on the 4th Q call. Restructuring costs!
Andrew Snowden
Thank you, Steve, and good morning, everyone. I'd like to begin my remarks by discussing the impacts of the Ambatovy joint venture restructuring on our financial results.
Turning to Slide 16, I'll just make a few comments on the impact of this restructuring on our balance sheet and this slide clearly highlights the changes to our balance sheet from September 30 to year end December 31. The most significant impact which is highlighted on this slide is the elimination of approximately $1.4 billion of debt, the balance is $1.3 billion at September and that climbed to $1.4 billion by the time restructuring ended or was finalized in December. And this elimination of debt was a key driver in our decision to restructuring the Ambatovy joint venture and reduced our earnings shift from the 40% now, 12% interest. This slide also highlights how significantly we are strengthening our balance sheet while at the same time by maintaining exposures to long-life [ph] nickel and cobalt asset through our 12% ownership interest in Ambatovy.
The total cost of the restructuring to show was approximately $70 million and this included a catch up of 12% cash cost and we've declined some mix in financial completion in September 2015. There were also transaction costs and an additional $12 million that we're holding in escrow for future cash costs
Unless you can come up with reasonable opinions substantiated by actual facts I see no reason to continue engaging with you.