big e remember all that additional profit they have supposed to...

big e remember all that additional profit they have supposed to have made, has been thrown away in "special" dividends, no debt repayments in over 18 months....rather than throw away additional generated cash as "special" dividends is nuts.....reduction of debt to future proof the business when the IO market changes would have been more prudent....remembering they have also taken on additional costs with tugs & facilities, these costs have to come out of there cash flow....also they claim Eliwana will be funded from cash flow, i.e. no additional debt...this will be difficult to do, if the IO price drops significantly...I think management assumed the VALE disaster would future proof them for the next few years (higher IO prices) whilst they developed Eliwana, the IO market can change very quickly as we have seen in the past 2 weeks.