Interesting comment, any facts to back it up? Don't know if you...

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?​