Not unexpected considering the December quarter saw the lowest Tin price in years (as low as US$18k/t). Also I notice production costs/t have come down which is pleasing. I assume capital costs remain high due to ongoing capital spend on various projects. If we take todays spot price of ~US$30k/t (A$42k/t) there is a healthy headroom.
Not a fantastic quarter, but also not surprising given where the tin price has been. I believe the next few quarters will see improvement if the price of tin can hold >US$26k/t, and if management can get on top of the operational difficulties experienced in the last few quarters.
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