2024 Production Progress, page-454

Thanks, that is a useful article to share and the sort of thing we should keep an eye on, albeit not the whole picture. As I read the commentary in that article, it is about the possibility of Indonesian bauxite coming back onto global markets, but also with views that it is unlikely to happen at all, or not until next year. And if it were to occur now, then that would put the spot market under-supply back into balance.

Whatever does play out, the benefit we have right now is high spot prices due to the current shortage. That obviously helps MMI, given we want to be making good cashflow early to retire the debt.

Longer term the company's future is about
1. the DFS numbers versus how longer-term bauxite prices actually play out, and
2. MMI's upgrade path to greater production at lower costs.

And the DFS numbers are significantly below current prices. So, we are better off for that.

As I see it, right now, we've got a very decent tail wind at a good time.