Following reconciliation to determine why unit price received has come out at US$16 below my prediction, it would appear that: 1) An extra quarterly charge of $8.5mil has been paid on the tug boat contract in the Dec quarter - total $17mil paid in the quarter but the contract is for $34mil/pa - it used to be they paid a half quarter in arrears but now they're paying a half quarter in advance. 2) They have valued the last six of nine shipments in the quarter at the lowest daily futures price in January, namely on 8th January that had the effect of reducing the sales value for the quarter by $3mil compared to the futures price on 31st December. 3) Increased freight charge from US$11/t to US$12/t on shipments in the quarter.
MGX Price at posting:
33.0¢ Sentiment: None Disclosure: Held
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