Yes, it is not a timely move by the director. He must really...

Yes, it is not a timely move by the director. He must really need the money...

This Quarter (Jan to March) should be a very good one for BCI, especially when you factor in that the price participation arrangement with FMG does not come into effect until April 1st (see below from recent investor presentation). With the current spot price being >$150 we are getting 75% of the profit for any ore currently being shipped. Here's hoping the spot price stays above $150 for at least the next two months.

Price participation arrangement with Fortescue from 1 April 2013 to 30 September 2014. If the “Platts Price”1 averages more than US$120 per dry metric tonne (“dmt”) in a particular month, BC Iron must pay Fortescue 50% of the difference between the actual average Platts Price and US$120 per dmt, multiplied by BC Iron’s increased average monthly production based on a 6 Mtpa (i.e. 158,300 dmt per month)

cheers
BM