I think it's pretty obvious that LTR will have to delay the...

I think it's pretty obvious that LTR will have to delay the start of production. At current spod price, these guys won't be making positive cashflow for at least 12-24 month. And that's a best-case scenario. How long has it taken other producers to get their production costs down to their stated targets? It takes a long time. The company flaunts a fanciful unit cost for production which looks good on a spreadsheet, but will take ages to get anywhere near that figure. It would be reckless to go into production at the moment. If they did, you'd end up with this becoming Altura 2.0.

The company obviously sends out the narrative that production is still on target, but when it comes to actually starting production, it would be business suicide to start in the current environment given where the cash position will be when it comes time to start production and the unknown of how long depressed pricing will persist. You can't start production on the hope that pricing improves. Financiers don't provide money on hope.