Ann: First Shipment of HMC Completed at Coburn Project, page-5

First shipment always a big milestone, well done STA. A$6.5M less Cost Insurance and Freight is a long way south of $10M continuously guided this half but not unexpected for obvious reasons. Different deposits have different HM assemblage minerals, so maybe this is what typical 'Coburn' HMC from the wet plant looks like, but I expected a little blacker and little less light brown...


"Focus remains on increasing production throughput of the WCP towards design rates, improving plant availability and optimising product recoveries."... maybe this sentence explains the lighter colour and lower shipment value (high percentage of non-HM sand entrained into HMC from WP?). Maybe Coburn is just a light coloured HMC.

Regards Regal selling STA, they have been shovelling out BSE with both hands for a while this second half of 22. Seems they have taken a negative view of the min sands industry and/or it's out-performance relative to other commodities so I doubt it's company specific concerns. Keep in mind, because they sold just enough recently to go under 5% sub-holding doesn't mean they are done selling...