Maybe , however they only need to reduce gearing by 4% to reach target of 40% gearing.
And just because some sell their bonds at discount that doesn't mean all will sell at the discount.
And that big lump of debt in 2019 is probably providing the doubt in the minds that will sell their bonds at a discount.
So its a delicate operation, might they consider going under the 40% gearing target should they get there and still be able to buy debt at discount? Probably?
All a bit tricky and variables at play?
Iron Ore Price, page-4894
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