Ann: Anglo American Agreement, page-20

Ok fair enough. But an off take agreement doesn't lock in any price unless that is specifically specified in which case it is a hedge. It just means you agree to buy the product at the going market price so if IO prices keep sliding they will just get it cheaper. Bad for MGU but not for Anglo. So unless Anglo is worried they might not need the IO in a few months time (which seems unrealistic) there shouldn't be a reason for them not to go ahead with the agreement.

Its a bit of a strange development. I mean its also not exactly a huge deal for just 800Kt. The market hardly responded when it was announced. Now that there is a small question mark around it the stock gets dumped hard.

Really wish we had some clear numbers on production cost for MGU's DSO and 65 and 68% concentrate. That at least makes it easier to get a sense of at what IO price we should get worried.