Ann: C4 Iron Ore Deposit - Production Update, page-77

Your assessment is very basic, but you seem sure about it, even thou your using prices not aligned to what GWR are shipping, nor lump premiums, and the royalty is based on a percentage so decreases with IO price decrease, there’s exchange rate movements as well as shipping cost movements and you haven’t allowed for any production cost savings the JV are looking at..... seems a bit dramatic at this point to be calling closures, trading halt, cash losses.

At some point it may happen, but GWR will still be the owner of a great resource, will have stockpiled product so the sales may go on well past any mining stoppage.

I am sure Gwr will be looking at all the variables and understand more what’s going on, another ship booked for the 20th so where not broke yet.