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YesIt's normal it's to give you some clearance .what you are not seeing it the tip geometry with the chip breaker it is infact slightly positive rake Stuart
.....As a final question, the boring bar has flats on it, I assume to set the angle, but the tip slopes down. When I set the tool tip to centre height it appears to cut nicely but looks strange. Is this normal?
A search suggests that this is a 'mould' steel similar to 1.2738 or P20.
Good luck with itRamon