Let’s look at the details.
As can be seen from below the company produced in 2020, 56% of what it produced in 2019. 108 Kt compared to 191kt.
They started 2020 with nearly 60,000t of finished Spod. This was a problem and anyone listening to the calls can recall the analysts were all over this working capital tied up. some of it poor quality, a some of it written down.
Sales if you exclude the Q3 shipment which is noted below (3) as low grade quality as you can see by the grade, would be the same as 2019 pretty much.
In fact the shipped grades have been low as they have been selling down old stock piles and processing contaminated ore.
Reducing stock on hand was a good outcome in my view.
Everything I see is pretty much exactly as Simon has outlined in each of the quarterly announcements and calls as can be seen by the guidance production.
2020
2019
