I did a rough calc and came up with an increase in cash balance of about $10m by the end of March assuming IO prices remain at current levels. That would take net cash to 32cps.
Breakeven is about US$40-42/dmt, so we would have to see IO prices crash again before there is any risk of cash erosion from operating losses.
How did you calculate the $20m reduction in contingent liability for early termination of the rail contract?
I did a rough calc and came up with an increase in cash balance...
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