they won't cut production. one ship is all their production costs, the second ship per month is pure profit. so in any case the company will be profitable next year.
companies like gwr which is high cost like fex didn't hedge so if io price goes below their break even, they won't be producing. fex will be producing and shipping at 1.6m next year regardless of IO price.
each shipment cash backed per share will increase. June 2021 cash backed is $14.6 cents a share, $69 million cash held. by September 2021, it will be approx $100mil cash held, that's 0.21 cents cash backed. then we have hedging October 2021 to September 2022, one ship pure profit 60,000 tonnes at whatever the iron ore price is. cash cow
well done management.
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