the SA export margin is still cloudy. If they are not making...

the SA export margin is still cloudy. If they are not making good margins or worse losing money from SA it will put a dampener on the results. If I was looking to finance them, I would be looking at SA as being the weakest link, from a sustainable profit point of view. If they could get 100kt from SA on the export market every month at $50 t margin for the next few quarters, well - just wow. Perhaps they are waiting for the June qtr results to show a sustained profit from all operations, just to add a little cream to the pudding.