was the announcment deserving of a 2 day tradi, page-11

Buy on the rumor, sell on the fact. Never have better words been spoken.

The rumor for FMS is driven by Dr Kev, the fact is 476Mt of uneconomical ore.

[(55.4) / (100 – 5.7)] x 100 = 58.7% CaFe

Failing to achieve 60% Fe for calcined ore.is almost unheard of these days.

SiO₂ + Al₂O₃ = 14.4% (should be <5%)

Have a look at the Alumina content margins for Twiggy's contract with the Chinese. Less than half the 4.6% reported by Dr Kev, yet the Chinese still weren't happy, so Twiggy was forced to construct a de-sanding plant.

It's going to take some hefty increases in the contract prices before that 476Mt becomes economical and from what I'm hearing, a 30% or even 40% reduction is on the cards for this year.