Ann: Half Year Accounts, page-33

They need a ship a month to get roughly the numbers I had in the post above, with sales of 170kt in 2H. In which case IMA earns just over 2 cps in 2021, around the same as the previous 2 years. One uncertainty is the timing of the December shipment and when they get the receipts. I do not see a ship a month doing much for the share price . They need to deliver it to get the sales guidance.

I think the key to the share price rising will be the inventory at the end of the year (production in the 2H 2021) and the output and sales guidance for 2022 and the dividend declaration at year end. Prices in $A should be important, but the recent rises not seem to have helped to date.