Im pretty sure i read it previously - so its not first time it has been publicised. Id say go back and have a look at the announcement when they did the deal with MS. These clauses are a revenue "lock in" provision. They are not a "break" clause. I think we're past that point - ie its a done deal, no asking for money back. They're bought an infrastructure asset - 1.1B and it gives them 200M EBITDA...with a large portion of it "guaranteed".
As long as MIN is selling more than 24Mtpa, then who cares where the money comes from..in the short term. Im sure MS and MIN would eventually like to see 40Mtpa go through the private rd and it looks like the best way to do that is via their private haul rd. That is a different argument.
MIN Price at posting:
$23.75 Sentiment: Hold Disclosure: Held
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