- delivered 500KT over nameplate capacity in 2022 - received 32% increase in iron ore price over the previous quarter - see significant upside in the iron ore price over the short to medium term - see the transition from blast to electric furnaces picking up a pace - delivered eps of 23 through controlling costs in challenging times - achieved a cash position of approx. $400M after funding phase 2 and after a $60M hit to settlement a late deliver - refinanced the loan facility helping to reduce cost of capital by 2% - delivered Phase 2 ahead of schedule and on budget - have tested Phase 2 at design levels - all good - and are confident of achieving nameplate capacity by year end - FS for FE 69% to be completed by end of summer; with a 2 year build timeline - FS for Kami by year end; with a partner - FS for DP Pellet in 2023; to be delivered in all likelihood via a joint venture with CIA as the operator. (NB: The current premium of DR pellet is approx. $70over the 62% Fe product)
CIA Price at posting:
$7.58 Sentiment: Buy Disclosure: Held
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