Iron ore price, page-2990

This is the consequence of 9B shares on issue, heavy discount on IO spot price which reduce revenue and margins and cash at bank and a lack of share buybacks.

The discount on AGO sold IO is heavy and if the hedge is not the cause then its bad management.

All of you rampers on here have been sadly disappointed as I pointed out the share price is 1c lower and due to AGOs lower priced IO sales/bad hedges it cant get out of its hole regardless of the surging spot price.

If 1 August comes around and they do NOTHING again then expect another selloff.
If they start share buybacks and paydown $21M in debt then that may spark a share price rise upward. Inaction will mean stalemate till December at this rate.

$101M cash v $103M debt = -$2M net debt
It should have been +$20M surplus cash to debt right now but the realised IO sale price has been abysmal and the hedged sales even worse.

This cant be sugarcoated hence 1.8c remains for 9 days despite Q4 results.