I think your December cash number is wrong. Balance sheet say it...

I think your December cash number is wrong. Balance sheet say it $165.9m at the 31/12/16. Look at the half yearly accounts for June 2017. Page 9 (cash flows)

Cashflows from Operations was $40m for the 6 months to 30/6/17. Cash used in investing activities was $40m for the half. They then paid a dividend of $5m and repaid borrowings of $5m. Hence cash outflows for the half of $10m (approx).

In the September Quarter, they did used a lot of cash in operations. They ramped up production to have a stockpile of 550kt of inventory at 30/9/17 compared to 184kt at the end of June.

As they had only $7m of receivables at June, they had very little cash inflow in the September Quarter. $7m from June receivables and $47m(sales)-$34m (receivables) for the quarter ($13m). $20m all up. What they did in the Sept Qtr was sell more product so receivables went up to $34m. I'm not sure of trading terms, assume its 60-90 days from Bill of loading or invoice. This allows for travel time for the ore and gives the purchaser some time to sell the product. The sales for the quarter are still to be paid at the end of the September quarter.

I hope this assists in understanding the cash position.

Given they have a lot of inventory at the 30/9/17 they should have a good 4th Quarter of sales providing production doesn't run into any issues.

Daicosisgod has been doing a great job posting all the vessels going into port to collect goods. Not sure how many tonnes have been loaded but given the number of vessels, its looking quite positive. It would be great if someone can work this out.