Actually, the spot price is rubbish also! MGX sells on a...

Actually, the spot price is rubbish also! MGX sells on a contracted basis and, while thats informed by the spot price (presumably Platts), it is not necessarily at that price. Last year, for example, MGX's revenues were well below the average spot price for the year. This was perfectly rational as they were essentially feeding low grade into the market, so were, and are currently, taking a huge quality hit.

The re-opening of KI is absolutely essential to MGX to pull up their LG ores to a more respectable product grade. I suspect there was only one question regarding that restart: can MGX buy or access cheaper HG resources elsewhere? The answer was obviously no, so KI got the guernsey.