Hold or Buy, page-31

Hi El jefe, my bad, I thought you were refering to financial Year 2019, didn't realise you were getting excited about one shipment of last calendar years production that is getting sold at last year prices, likely due to it being a delayed shipment that should have shipped in December, am I correct in saying we haven't had a shipment since mid November, so this one appears to be just a catch up to meet prior year shipping schedule and to clear the deck (pardon the bad pun) of last years production before the new market based pricing kicks in.

Anyways, will be interesting to see what our selling price is on this years production under the new market based mechanism, what's your thoughts on where it will be, let's assume 6% just to keep it simple. Our prices seem to be FOB, think this means we have to pay for loading the ship as well. Makes it difficult to compare with all these extra type costs needing to be added on depending upon the shipping terms.

Also, what's your thoughts on A40 being profitable if it needs to compete on price with the likes of the PLS price that was announced in their quarterly today, can we effectively compete against their low cost operation with low strip ratio, perhaps we will have more of an idea of A40 costs once we get the quarterly reports, looking forward to your usual thorough analysis.

Anyway, my apologies for not reading your post properly.