If that were the case, EBITDA should be a function of tonnes sold, as price is fixed.
However if we look at the EBITDA each quarter (Q1 to Q4: 648, 392, 448, 268) and tonnes sold (Q1 to Q4: 2.2, 2.1, 2.6, 2.4), the variance can't only be explained by tonnes sold.
For example: Q3 is February to April, which should have 2 months old JRP and 1 month new JRP. But EBITDA is well down when adjusted for higher volume.
If that were the case, EBITDA should be a function of tonnes...
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