PCI was US$210 when the deal was closed. It's now US$180.. big difference to net profit, and who's to say where it bottoms? The BHP/WHC deal sets US$157 as a floor for the performance related payment. US$210 to US$157 is a very different profile for profitability on mines (particularly Daunia) with high costs.
And It's not games, it's just maximising the sale price... they didn't close the deal in July last year when PCI was at 165.
Ann: December 2023 Quarterly Activities Report, page-24
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