Whilst the departure of MK is a good thing, given the various related party conflicts, TTY is still beset by additional conflicts of interest that must be resolved.
TTY has an offtake agreement with Noble, with the head of Noble now on the board. What must be disclosed is how much TTY pays Noble to market it's valuable ore (i.e. commissions etc) and secondly what price per tonne is TTY obtaining as a net back under this arrangement.
Spot iron ore prices in China at present are around $150 per tonne FOB (ex-freight). I am convinced TTY are not receiving margins of this kind because of the arrangement with Noble.
Noble is using their position to maximise profits for Noble and not the broader shareholder base of TTY.
TTY Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
