Thanks SF - found a direct comparison.
- Mt Marion US$791/dmt for March Qrt down from US$931 on Dec18 Qrt (announced 6/2/19)
- Pilgangoora US$660-710/dmt for March Qrt “to date” (announced 23/3) down from US$742 on Dec18 Qrt (Ann 25/1/19)
So assuming mid point for Pilgangoora, Mt Marion is currently getting >US100/t or 15% more for its SP6 and were getting US$189 more in the Dec qrt. That’s $60 to $110Mpa EBIT difference - or $400M to $1100M less Stage 1 Enterprise Value at a PE of just 10. Ouch.
I suspect pricing is the same for stage 2. Hopefully PLS negotiates a better deal on Stage 3.
Divesting 20-49% for downstream chemical facilities?, page-195
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