new low, page-25

Beardy, you say "Ansteel must behave commercially, it does not allow them to run the business just for their benefit, but the facts say otherwise. In simple terms, Karara appear to get little or no benefit from higher prices. Eg, when the average sale price jumped $13.80/tn between Q2 and Q3, 2018, the average cost jumped by almost the same amount. If you calculate the difference between average cost/tn and revenue/tn for the last 12 months, the margin has stayed constant around $38/tn irrespective of the price. Just a coincidence, or are costs being manipulated which is reducing returns to shareholders ?
.