Yes 1sime1, It will be a better EPS than the the previous...

Yes 1sime1,

It will be a better EPS than the the previous quarter of 2 cents/share due to the IO price higher & they paid back a debt to Sprott during that quarter, which I think was part of the reason for such a low EPS result.

However, CIA still currently at 63.2% of Bloom Lake as the 100% ownership transaction not completed as yet (likely during August I think?).

So the first full quarter with 100% ownership will not be until 2nd quarter (Oct - Dec 2019) with report end Jan 2020. Assuming IO price stays strong until end of this year then this quarter should have good result.

A media report today suggests IO will still be strong in coming months as both RIO & BHP will be doing significant maintenence on rail cars etc... so output might drop for a while. The other factors affecting the near-term IO price would be Chinese steel output (high at the moment) & what supply comes out of Brazil?

65% IO is a healthy US$129/t right now which indicates CIA likely fetching around US$132/t (small premium abue the 65% price)

However, an elephant in the room for CIA now is the high cost of shipping from Quebec to North Asia.

It's now US$27/t from Brazil to China which implies around $US35/t for CIA which is not far off their totall production & rail cost for a tonne of ore delivered to a ship in Sept-Iles (FOB approx US$40/t).

So all up I believe it's costing CIA around US$75/t total to get a tonne of ore to China right now.

China Import Dry Bulk Freight Index 2019-07-17
Description	Size MT	Cargo/Vessel Size	Unit	Rate	Change
Composite Index			Point	1125.12	32.34
Iron ore Freight Index			Point	1249.58	47.23
Dampier(West Australia)-Qingdao (China)	170000/10%	Iron ore	$/ton	10.568	0.185
Tubarao(Brazil)-Qingdao(China)	170000/10%	Iron ore	$/ton	27.04	1.516
Saldanha(South Africa)—Qingdao(China)	170000/10%	Iron ore	$/ton	19.7	1.373
Geraldton(Australia)—Qingdao(China)	60000/10%	Iron ore	$/ton	14.792	0.29

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