As expected.
Guidance remains for 2Mt from KI and I note 65% Fe prices remain 15% above the 62% product (which places the 65% product at about US$135/t to US$140/t at the moment).
At these levels and assuming that 1.4Mt of the 2Mt KI production is the 65% product, then we should still see a solidly profitable FY22. On my model, I am expecting NPAT to be a bit ahead of FY21, but note that I am including a significant uplift in depreciation & amortisation expense in my modelling (up from $34m in FY21 to my expectation of $90m in FY22) - so operating cashflows should be somewhat stronger than FY21.
DYOR
As expected.Guidance remains for 2Mt from KI and I note 65% Fe...
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