Ann: Notice of Annual General Meeting/Proxy Form, page-2

The old agreement used the Metal Bulletin price. New agreement is Platts + Metal. So Grange will receive $10/tonne more under the new agreement.

The main disadvantage is that Grange will be responsible for shipping under the new agreement. Economically this should be the same as the previous agreement's free on board - netback for freight. However, the new agreement means that if iron ore trade from Australia to China is banned (by either country) or ships are stranded outside Chinese ports waiting to unload, or pirates, Grange will take all the risk.