Ann: June 18 quarter production report, page-41

Yes I think it will become clearer as things progress whether they look like they'll maintain their plans.
You'll also benefit from a bit more information on coking coal prices etc. I'm watching this to see whether I want to add. My position is relatively modest, was going to buy more until the production miss. Glad I waited for confirmation.

So now they got the big production miss off their chests and tried to make us feel better that they still have their eye on the prize, 2mtpa+ by mid next year, 1mpta run rate from Sept / October. Steel margins etc are healthy and if they can get to the run rate and maintain their margin with sensible outlay on capex then it'll all be worth it.


I actually thought this might have got dumped to these levels around the production report numbers. Seemed like it took a bit of time for it to grind lower. I'd be surprised if it goes much lower from here unless something material changes with coking coal prices or there's a decent miss next quarterly.

There's been quite a bit of buying support around these levels but who knows.