Worst case value 70- 92cent, page-14

asset backing is around $A2.80 BHP would be the only buyer and some of it they would not want
so say $A1.50 fire sale price
given they can return to profit at some maybe lower production rate (minus cloudbreak) it would be doubtful
to see a worst case of below $A2 but negative sentiment could see it spike below
the big disappointment will come when we see their now IO sell price - late jan production report
last qtr they achieved USD71 when IO was around USD85 they stated their quality discount level was at 81%
and they have previously stated that their discount becomes greater as price decreases
so their now sell price is probably between 75% to 80% of USD70 so USD53-56 they have stated their cash cost landed into China is USD45/wmt which is around USD49/dmt so their now cash margin is around
USD4-7 enough to just pay interest and some contribution to depn and amortisation and cerainly no profit or cash to pay down debt
my guess is they are anticipating lower prices and therefore another round of survival tactics before any substantial improvement mid to late 2015