Ann: Market Update, page-18

NewB
If you go back over the last four quarters you will see the cash growth was a combination of
1 stockpile reduction
2 higher Pellet prices
3 taking on debt
4 deferring maintenance and mill change

The true margin on production wasn't that great. Now we have all the positives above reversed or no longer available

Stockpiles much Lower
pellet prices lower
Maintenance costs much higher
Production much Lower
AISC much higher

What we know is they haven't got to higher grade ore and most likely will not for another quarter . So I think if the market sees cash sub 155 and costs over 100 while IO sentiment is this low it will trade below cash once again