So, for January 11 ships have left port.From memory they shipped 10 in December. Assuming with 60000 tonnes each.
If you gave it a really low $30 flat a tonne margin with combined DSO and Mag ore (as we don't have the break up details until March Quarter report) then that would equate to $19.8 mill for the month-where is this $ going to?
Things to consider then:
GBG have stated in Dec quarter that they expect 45% to be third party product-but at what cost price?
Part of the Ansteel loans included $100 mill from a concentrate presale agreement similar to the two previous pre-sale agreements. So perhaps our shipping cargo is already accounted for-meaning we are sending ore Ansteel has already paid for via the loans. This could take months of shipping ore to payback $100 mill worth.
Interested in others views even though I have used a low margin?
GBG Price at posting:
9.9¢ Sentiment: Hold Disclosure: Held
