Shagang Offtake, page-4

Fantastic analysis. Having sat through reviews of iron ore price realisation performance there are many factors which could impact this, e.g. potentially Shagang give valuable optionality to Grange with respect to offgrade material, shipping schedules, etc. that other customers do not and which help Grange maximise their business. However the absence of meaningful disclosure leaves us in a vacuum where all we can do is speculate.

Unfortunately even at a major like Rio or FMG there are very few people in the company who understand how an iron ore sales contract works or how it can be used to maximise / give away value. The market (and ASX Listing Compliance) need to keep management teams honest on disclosing market sensitive information such as this in line with their listing rules obligations.