Ann: IEC March Update, page-2

I'll reserve judgement until after the March quarter results are released later this month, but overall, am pretty happy with this. We've passed through the worst of the rainy season in Tanzania now, so presumably things will become a bit easier for them. Interested to see their average sales price per tonne as it was over 70 dollars last quarter, but unsure how much of that was pushed up from non-take-or-pay contracts.

If we see continued increased sales over the coming months and a stable sales price, they'll report a profit for the year. IF. IF. IF.