IO currently $US52.28, so according to the supplementary prospectus they are losing about $2/t at present. Strange how they couldn't state how much cash they have left in that document as of 30th June. My guess is not much.
Without cash, a $US269m debt and losing $2/ton as of today and probably more tomorrow, they couldn't have possibly got their timing more wrong. So much for good management as someone described them.
They stopped production, just as the price started to rise. They spent wads of cash getting the mines going again just as the price of IO started to go down again. By the time their ore hits the shores of China, the price is likely to be in the 40's(hopefully not the 30's).
What happens when Gina's RH ore hits China in a little while? further declines.
AGO Price at posting:
12.0¢ Sentiment: Sell Disclosure: Not Held
