Lower initial grade doesn't make any sense to me. Have to take this at face value, said they used run of mine ore and the feed grade is 33.7Mn.
Also stated months back that they were producing in specie 30-35Mn
Also changing the grade on a 27,000 tonne shipment from 33Mn to 31Mn only makes $170,000 difference
Its not difficult in hindsight to see how FOB/CIF adjustment could have been many multiples above what they forecast.
Market is full of horror stories, 4x 5x shipping costs
The Dawn of EV, page-986
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