Dec quarter predictions, page-3

The Dec quarter EBITDA is down because they have basically borrowed A$17mil from China Minmetals in the Sept quarter by way of a forward sale agreement - so effectively the Sept quarter EBITDA quoted at $31.5mil was really only $14.5mil - in Dec quarter I'm expecting they will ship 12kt of conc to satisfy this borrowing meaning that of the 66kt of conc estimated to be shipped this quarter 12kt will have been paid for in the Sep qtr.
To get a true picture of Dec qtr's EBITDA you should add $17mil - you would hope that in subsequent quarters next year that they'll be able to increase shipments to 70k+ which should be very positive for EBITDA going forward at current prices. March22 qtr schedule attached as example.