Chair 5807 if you review the historical data it shows clearly...

Chair 5807 if you review the historical data it shows clearly that when Tungsten prices drop, so does the price of concentrate (feedstock). Hence the margin remains relatively constant.

There is always the possibility that in the period between buying feedstock and selling the refined Tungsten that the Tungsten price could drop, hence reducing the margin. But there is an equal chance that it could rise in this period, hence increasing the margin.

Supply of feedstock is an issue but it appears it went pretty well for the second campaign. HAZ refinery is able to accept feedstock of low grades that others cant, so this helps it gain the necessary supply.

Campaigns are only run once enough feedstock is sourced. In the interim the refinery sits idle, with very low costs. Its staff are only paid during campaigns. This means that feedstock supply is not such an issue.

HAZ have plainly stated that although they intend to develop their own feedstock sources at Mt Mulgine and Big Hill, that there is no hurry for this. With the profit they make on ever bigger campaigns, this development can be paid for from cashflow.