Hi Guys - the dispute as I understand it between MMX and ENRC is...

Hi Guys - the dispute as I understand it between MMX and ENRC is a drop in quantity of IO order from 1,000,000 tons to 700,000 over a 3 month period = 900 thousand tons less. It is to do with a dispute over pricing. ENRC want full book and MMK want more market adjusted. So a way to look at it is - the difference for MMX might be between negotiated and current pricing. Lets call that $30 (or whatever it might be). Then that would be $27 million - which is a drop in the ocean to MMX. Not of any material consequence to MMK. So I think that it has no effect on the deal but a good opportunity for us to top up.