Ann: December Quarterly Activities Report Presentation, page-11

Well now Balama targeting a 10% lower production number for FY 19, and a 33% or so higher C1 cost PT at the end of CY 19 by my notes (which may be wrong BTW).

I'm not sure how good the pricing is. Obviously would be a loss making first half with C1 similar to the sales price. It looks like SYR has been a price taker in recent contracts/offtakes - to the extend they are binding. You would doubt there will be any positive cashflow or profits in CY19.

I think the V analysis sounds good at this stage - but SYR would need to be very creative while they are capital constrained to get much off the ground. Shipping around low grade conc over long distances doesn't really sound very lucrative.