Ann: 2022 Annual General Meeting Chairman's & MD's Presentation, page-16

Also picked up on the "Not HAPPY Jan" comments in the preso re Iron Valley.

* In FY22 MIN shipped 4.8Mwmt, down from 6.1Mwmtin FY21
* BCI received revenue of $65.2M, down from $160.2Min FY21, generating EBITDA of $27.8M after royaltypayments, down from $69.5M in FY21
* Current year performance has slipped below FY22 runrate and BCI’s expectations

This was always going to happen as MIN were always going to favour their own, 100% owned mines over BCI's IV once operational.

I recall we discussed this fact here on HC last year post some of MIN's announcements, which clearly inferred this would happen. I'm sure MIN will come up with all sorts of OTHER reasons for the gradual decline in IV volume over the last 4 years, however this should have clearly been identified as a risk to potential IV cashflow, only now enhanced and magnified by the drop in the IO price......

And I seriously doubt there will be very little they can do about it (MIN reduced IV volumes).