The upward trend continues, page-9

The original nameplate capacity was only 8m tonnes pa.They have exceeded that.

If they did an upgrade it would then increase to 16m tonnes pa.

Only downside is the grade is not the 68% that was originally designed. That is a loss of about 4.1% for lower grade ore concentrate. About $US32m pa at current rates.

One of the things that has been said recently is that FMG is discounting up to 25% for its lower grade material and there is greater demand for higher grade. Higher grades means less coke required. KML/GBG is very well placed for that. The piddling 85c per tonne KML was getting previously was an absolute con job.