Q1 they made 30kt and sold 30kt. Q2 they made ??? and sold 30kt.
It is possible they have been stockpiling 10kt a month but why would you do that, and why wouldn't you tell the market? Even if you made 20kt for just one month surely you would tell the market that.
I've posted this before but if you had 10kt a month to put through the MSP you would put it through the MSP. If they have been making an extra 10kt and putting it aside then that means the MSP isn't running which I'm sure shareholders would like to know. If they have been making an extra 10kt and putting it through the MSP, then where did it go? They didn't combine it sell it as HMC otherwise the shipments would be 20kt not 10kt, and they haven't made any final product shipments. If they have put 30kt through the MSP then they should have around 25kt of final products. Allowing for poor recoveries during ramp up you could downgrade that to maybe 20kt or 15kt. It's possible they have sheds full of final products in Geraldton awaiting shipment but again if that was the case why wouldn't you tell the market?
Also I think you are referring to a fourth mining unit which is part of a future expansion. Even if they hit the go button on a new mining unit today (plus whatever other upgrades they need) those things cost $5-10m and in the current market take probably 6-12 months to get.
STA Price at posting:
27.3¢ Sentiment: Hold Disclosure: Not Held
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