Chart, page-2064

Nothing weird about it.. GS shorting it because DSO from MIN looking to be quite profitable, and MIN's share price has been going from strength to strength since its DSO announcement. Of course, there are plenty of GXY holders disagreeing about the method, but looks to be quite profitable to a point that outlook guidance was upgraded, even at a lower costs than GXY's contract pricing.

Of course, it does help that its resource sits on a 198MT, compared to GXY's 12MT (with an effort to boost to 15MT - with a max limit of 16MT)

PLS also sitting on 156MT with 10 year offtake agreement.

So on comparison, PLS is probably better value than GXY but at slightly higher risk because it's yet to ship the product. At least its better than GXY because GXY only has a few months left of the contract before needing to get 2018 pricing in place.

Remember that Gangfeng owns a bit of GXY, but also PLS. I think once PLS starts shipping (and probably at better pricing), I think Gangfeng's preference will be to work with PLS than GXY because PLS ships from Port Hedland while GXY ships from Esperance. Delivery time is already competitive because of location.

I have yet to talk about Greenbushes... but overall, even though GXY was first to ship, I think its competitive advantage is now being eroded by other competitors as more supply comes onboard in 2018. with better pricing and faster delivery time.