iron ore price, page-38

Er6n and legume

Are you basing those discounts on the latest half yearly? Or something else. Didn't AGO announce last year that 60% of forward sales were contracted at "materially lower discounts"?

Also the Lower IO price and slightly higher A$ have only been recent so much of the current quarter for example will have been sold at better margin won't they? Perhaps you guys are extrapolating forward to NPAT a little prematurely?

Having said that I did reduce my exposure tomAGO last week.

H