Remember, production was down due to planned maintainence (see page 3), which was timed perfectly to coincide with soft demand/pricing.
Costs are very much still controlled despite blowing out higher over at MIN and AKE.
Spod price is holding up and on the climb. If this is the worst the investment banks can manufacture, we are in for a bright future.
It might get sold down tomorrow, but everyone don’t get this wrong - this report is stellar and good news after one reads it carefully, despite the initial scary headlines.
Ann: March 2023 Quarterly Activities Report, page-115
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