Ann: Press Release Record 2018 NPAT A$184.7 MILLION, page-11

rocket doing some research on OM with a view to possibly take a position.
When does Boutou creek run out? I can’t seem to find any further info on whether they are planning to extend the mine life. All I saw as a tailing retreatment plant expected to produce 250k for 8 years expected to be commissioned this year.

If it is a short mine life remaining in that pose some risk on future cash flows and as a result? I.e in a few years the profits from their mining division could be 1/3-1/2 of what it is now. Would also need to keep an eye on the debt levels/ratio as well in this case.

Also if it does not have the natural ‘hedge’ from owning mines this is turning more into a smelter story and will depend on smelter margins. 

I think the comparison with IGO is flawed - IGO are mainly a gold and nickel play. 2 commodities that are at a relatively low base have analysts are very bullish on over the next few years due to central bank buying/uncertainty and EV story.
The consensus view on Mn ore is that it would be in a +/-$1/mt range from where we are now and demand growth.