Ann: C4 Iron Ore Deposit - Production Update, page-32

We have seen China regularly engage in building up inventories over the last 20 years now....then when the commodity price gets too high they come out with some jaw boning rhetoric designed to push the price back down to earth whilst they run down their inventories.

Management are working on their plan to make us a much lower cost producer. For me this is a long term re-rate opportunity so will happily add once she is under 20c. Just how far below 20c it falls we will wait and see.

Also worth noting that we were skewed to a large amount of lump where the prices are higher.

10x