NP is a factor beyond PAN control NP is way underpriced imho its...

NP is a factor beyond PAN control
NP is way underpriced imho
its holding around 8.20 uslb now, DFS target was 8.00 so still on target range
Sure 12.00 would be better but this is reality of production, you must make the margin based on the NP.

The costs are the issue and under control of PAN
By fixing the mill, increasing production & mill throughput and slashing costs 47% last QR its on the right path, plus the deal with Trafigura is a game changer imho

The debt and offtake deal from Trafigura has secured PAN future imho.
Trafigura debt is supplier related debt, meaning they are effectively providing vendor loan to Trafigura in return for stock supply, its not a bank loan or yankee junk bonds like MBN ANL took so very different.

At this NP they are making profit and costs will have to be cut further.
As the mill performs and salaries skimped or kept same the costs should reduce per lb production.

We saw in FMG AGO they reduced their costs substantially when the IOP went down sharply and kept producing. Same here