4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) Quoted market price represents the fair value determined based on quoted prices on active markets as at the  reporting date without any deduction for transaction costs. The fair value of the listed equity investments are  based on quoted market prices. For financial instruments not quoted in active markets, the Consolidated Entity uses valuation techniques  such as present value techniques, comparison to similar instruments for which market observable prices exist  and other relevant models used by market participants. These valuation techniques use both observable and  unobservable market inputs. Financial instruments that use valuation techniques with only observable market inputs or unobservable inputs  that are not significant to the overall valuation include interest rate swaps, forward commodity contracts and  foreign exchange contracts not traded on a recognised exchange. The fair value of unlisted debt and equity securities, as well as other investments that do not have an active  market, are based on valuation techniques using market data that is not observable. Where the impact of credit  risk on the fair value of a derivative is significant, and the inputs on credit risk (e.g., CDS spreads) are not  observable, the derivative would be classified as based on non observable market inputs (Level 3). Certain long  dated forward commodity contracts where there are no observable forward prices in the market are classified as  Level 2 as the unobservable inputs are not considered significant to the overall value of the contract. There were no transfers between Level 1 and Level 2 during the year. 5. REVENUE 6. OTHER INCOME 7. EXPENSES Transfer between categories 2011 2010 Revenue from sale of tin concentrate 69,015,638  95,686,783  Revenue from nickel royalties - 599,859  Interest received - other corporations 3,292,021  1,127,165  Total revenue 72,307,659  97,413,807  2011 2010 Cost of sales Salaries, wages expense and other employee benefits 6,383,364  16,020,872  Superannuation expense 532,393  1,413,621  Other cash costs 38,136,610  55,042,363  Reversal of write-down in value of inventories to estimated net realisable value (1,832,571) (2,967,314) Royalty 2,158,215  1,900,994  81  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 (a) 2011 2010 Net (loss)/gain on sale of assets (463,516) 19,101,536 Net gain on share investments 55,717,781  34,035  (Loss)/gain on deemed disposal of associate 14,788,837  1,207,775  Other income 622,118  709,283  Total other income 70,665,220  21,052,629 