Ann: Quarterly Activities Report, page-8

But at what price can they sell it at...if the big players are slashing costs and able to produce at cost below $40/t, the over supply problem wont go away...no use to have an good asset in the ground but unable to dig it and sell for a profit. As soon as there are any rise in IO price, other high cost producers will crank up their output...SDL needs to find funding (US$3.6bn) and able to produce profitably...add to that the dilution that would come from convertible loan renegotiations that needs to happen before Nov15.