Thanks for clarifying and apologies for the misleading comment....

Thanks for clarifying and apologies for the misleading comment.

I do recall a conversation with management about increasing capacity but that might have been to increase port processing capacity from 2.5 to 3m tonnes per annum.?

I no longer bother about making long term predictions about what Grange will do. After the property development debacle, the board seems to have learned their lesson and haven’t made any further bad calls. So I base my investment thesis on the current production outlook and trust that management will make value enhancing future investment decisions. The CEO’s largish shareholding helps to drive alignment with smaller shareholders.

if you assume a $110 long term sustainable iron ore price (which is what many in the industry use), Grange seems attractively valued. I’m also much more optimistic on the pellet price premium than many of the other posters. Having observed the iron ore market for many years, I’m confident that the Chinese government will once again impose steel production restrictions once economic activity and pollution levels rise. That has been the historical pattern.