The tide is out...., page-36

Yes, I guess Balama has high fixed costs, which reduce with volume.

September 2018 they were still claiming costs at $430-450/t, but annual production was expected to be 130-150kt. I suppose after the fire, they lost a lot of production and hence costs are higher. They indicated in the October Quarterly that costs would differ 'materially' from guidance.

Q1 production guidance is 45-50kt, which if annualised easily exceeds the 130-150kt. Why are costs still supposed to be $550/t 'trending' to $450/t??

The guidance seems very conservative suddenly, when the company in the past has kept promising the sky.. the only thing which might be some comfort is that people tend to over-promise when they are trying to sell you something. So maybe there won't be a capital raise?