Ann: Presentation - JPM High Yield Conference , page-4

1)3 months of hard slog to get to 66% capacity with no mention of circuit recovery yet.
2) Operating costs for FeV are high as they haven't realised enough Iron Lump sales, or any Iron fines sales ( Watch this space )
3) And the market exhibits the classic European / Chinese buying/price trends.
Surely this must have been modeled in their cash flow forecasting.

A lot more money needed to keep this from sinking.