Hey GS (wonder if you are getting a few today?)1. yeah I wonder...

Hey GS (wonder if you are getting a few today?)

1. yeah I wonder about that whether it is all spot, or whether there are contracts? I would have thought some of it was contract. I contacted the company re. the falling A$ and they said that there was benefit as they are paid in US$, but thet are hedged (as are most compaines), so I wonder if they don't have some sort of protection for falling spot prices?
2. It would be unlikely they received nothing. Minjar has a cloud over it, but they have received 80 expressions of interest and the other assets were valued at $40m, so it may be cents in the dollar, but there is something coming back
3.The only reason they lost money was due to the infrastructure spend to ramp up production (and shocking investments). Most of that capital expenditure has been made, but this next Q will be the test. The annual report certainly indicated that this will be a better one and it will show a positive cash flow. They couldn't account for the last shipmnent where they received $7m two days after the end of the month. They will this q.
4. Agree Andrew Simpson was party to the decisions and I'm not sure how they played out. But very unlikely that Fiona Harris and other directors would have signed up to a sinking ship, thir reputations are too valuable. If you look at her history with Alinta, she was instrumental in turning them around.

End of the day, they screwed their chances to be in the box seat right now. I still believe the fundamentals are there to make a decent fist of it, but there still are some high risks. But they are earning money and thhe spot price is still way above their costs. So I sincerely hope they find heaps more IO and Noble aren't throwing good after bad. But I have been disappointed by TTY before, so I'm not all confidence in this one, just very hopeful.