Yes they did well, but they ship hard rock to China and refine nothing. Vulcan resources are more similar to LPD but still at early development stage. Pls and AJM have also suffered due to oversupply so being early to production hasn't helped that much. Good to understand what business we are in, vertically integrated supply chains harness more profit than digging up rock and shovelling it onto ships at Port Hedland
Ann: Industrial License Awarded for Abu Dhabi Free Zone, page-14
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