Coda Present to SAEMC, page-4

Would you expect anything more from the group which sold out its shareholders to Ansteel?

I have been still following KML's exports from Geraldton. Up to 31 March 2020, the exports are running some 1,040,000 tonnes above the previous year (for the full year).

FY2019 KML exported some 7,740,000 tonnes of product.

At current rates the projected exports for KML product is some 8,820,000. Based on average sale price of $169.45 of KML product gives a extra $183m sales.

The demerger documentation said that the costs were some $156 per tonne. The average sales price for the 9 months so far exceeds this by $13.00 per tonne or for total year an extra $14m.

The extra $197m ($183m + $14m) would cover interest costs.

One might wonder if the export quantities (FY2017 (7.8m tonnes), FY2018 (7.74m tonnes) and FY2019 (7.74m tonnes)) may have been previously suppressed.

Unfortunately the coronavirus may distort the last quarters of FY2020 figures for the year, but it does raise a number of questions.