good news at frances creek, page-22

rocket, I stand corrected.

But if they are making $22/t how come they didn't make a profit? Maybe its those pesky currency hedges they have to keep borrowing against, what is the loss per tonne on those I wonder?

Lets see. 280Kt produced $11M in currency losses...$39/t sold. Ow. Even spread over 373K produced (80Kt unsold) this is still $29/t in currency losses.

Uh oh. That's $7/t of nett losses above their supposed operating margin.

Bummer, thanks for pointing that out to me.