Ann: December 2017 Quarterly Activities Report, page-121

Interesting comment, any facts to back it up? Don't know if you read the quarterly but here's some facts from the quarterly...

"The only thing saving AGO from a 20+ mill loss last quarter was their hedgings from the previous quarter"
Yes they had a gain on hedging but $20m?? Please refer page 4 of the quarterly - where gains on financial instruments were $1.9m.. bit off the mark there mate.

"If you look at the price above, we wont be able to hedge any I/O at a profit"
Refer page 3 of the quarterly - "Fixed price sales for approximately 0.3m wmt at an average price net to Atlas of US$56/dmt." Using 0.8AUD and moisture content 5% (56/.8*.95) that is A$67/wmt. Costs were A$59/t... sounds like we hedged at a profit to me.

"Currently due to the discount in grades and high Aud AGO are losing 8-9 aud per tonne"

Refer page 2: The benchmark Platts 62% Fe IODEX averaged US$66/dmt in the December 2017 Quarter. And they broke even or if you take out the hedging gain, would have lost $1/t after grade deductions etc. Fairly sure the price in your screenshot is >$10/t higher than the average Dec Qtr. What is your math?​