US$40 pt is only for uncontracted production. MGX are reducing production so they don't need to sell too much at that price. They will sell just enough to cover their hedges I reckon. From July 2009 onwards, they'll be selling 100% of their ore at benchmark prices minus 10%. Not too bad. Hopefully benchmark prices don't get "negotiated" down too much. I doubt it, because the Chinese will be dealing with BHP, RIO, & Vale.
are the 60c options just for show..., page-14
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