VA, I would love to see the books. But I concur with the...

VA,

I would love to see the books.

But I concur with the announced total ships out Dec quarter of 35 (the lowest ever).

Interestingly in Jan 2018 we had 15 ships departing and at that rate it would be 45 for the quarter which would be a record.

With the increase in production maybe that is what they are aiming for.

My average price for 65.6% grade for January was $AUD101.96 together with the $AUD10.00 premium for last quarter would give a $AUD112.oo sale price.

That $AUD40 difference between cost and sales should mean we made money in January.

Sept Qtr production 1.830m tonne at a cost of $82.36 equal $150.718m.
Dec Qtr production 2.128m tonne at a cost of $70.85 equals $150.718m.

So it appears that cost are fixed at around $150m per Qtr.

Dec sales 2.095m tonnes at $98.21 equals $205.749m.

$60m to cover interest repayments, etc etc. Maybe they did make a profit.

Just checked Sept sales of 1.851m tonnes at $105.12 equals $194.577m a margin of $44m to pay interest, repayments etc.