CAI Valuation - comparison to peers, page-171

They are broke and need another CR to get them through this quarter ,that's why it's dropping. Very optimistically, AISC will drop after March if they've got through the overburden and they'll be able to tread water for a while until the hedge is discharged about a year from now, then CAI will finally make some money for long-suffering shareholders. It's not guaranteed they'll get there, but I don't believe Macquarie want to see them go bust when they are making so much money from the hedge, so maybe a debt renegotiation will happen. Either way CAI are on life support til the hedge is discharged.