Ann: 2019 Half Year Results Presentation, page-185

Hi Asb i agree, that $584 is overly optimistic. The figures are also muddied by the cash cost relating to production, not the tonnage sold.

But the margin was $82 per T.

The cash cost Q2 was greatly improved, and will need to continue Q3 and 4. Might be tough but if it can then if tiis can come down to $350 and sales $520 can still get a bit of margin.

Its not great, but we are getting close to the bottom of the cycle, if we are not at the bottom then PLS, AJM are going to go into receivership before GXY. Throw in SYR for colin while we are at it.

EBITDA was really a loss of $1m if you remove FX gain, but thats acceptable this part of the cycle in my view.

AIMHO