That is not the way I read it - I read that they expect cash to be at that level - but the context is covered in an earlier statement "Sales volumes are expected to exceed production volumes, between 45kt - 50kt dependent on shipping completions in March".
So if Shipping completions are delayed, depending on the contracts, then any payment based on a bill of lading would be delayed as well, and then the end of quarter cash would not be there I suspect.
Also obviously they produced less product, so those costs are reduced. But are unit costs tracking at or under expectations? There is no useful statement covering this one way or the other IMO, only a mention of disciplined cost management, which would be the usual state of affairs I would think.
Ann: Q1 2019 Interim Update, page-33
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