I think the new plant will be very positive for earnings - I...

I think the new plant will be very positive for earnings - I think the Henry Hub gas price will trade at a discount to other global gas prices (Middle East excepted) which will provide improved margin from both the traded ammonia it displaces and the external ammonia sales it brings. Worth noting that 5% of global seaborne ammonia comes from the Pilbara ammonia plant which has gas pricing linked to LNG netback (so expensive) which sets a floor price for global ammonia trade. Capex seems to be in line with expectations which again highlights the quality of management in executing a major capital investment on time and on budget. Debt profile looks OK and I would expect (given the global economy) IPL will be capex light for a while now (other than brownfields/maintenance capex) so strong cash flows should permit some debt retirement as well as improved dividends!