By Memory without looking at Quarterly they have 108M in the bank and had 112M in debt hence the arguments about net debt free. They can thank their lucky stars that they have hedges and swaps in for nearly half their output this quarter(around 1.5MT,once again from memory) which will mean they make quite a nice profit again this quarter. It depends on what they plan to do with that money as they only have 20M on top of the 108M in the bank tucked away for CD development so they are still 30M+ short there if they want to try get that up and running by Mar 2018 quarter.
At the current IO price i work out to be 3-4AUD T profit so they definitely do not want the price to go any lower and that figure quoted is a rough estimate only as the 58% FE % discount compared to 62FE is difficult to track down.
If anything here quoted is incorrect feel free to comment and correct.
And Big bad wolf i think it was a top move to pull your order and just kick back and watch for a bit. We are definitely not going to be on a strong upward curve for a long time yet, unless some remarkable news comes out we have plenty of time to bring our ave down.
Cheers Pidg
AGO Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
