Updating my cashflow schedule for the quarter. I have had to decrease the expected shipments from 12 to 10 with the last two notified but not expected to arrive until around the 14th - it is currently taking longer to prepare and load each shipment due to the hardness of the ore and the likelihood that we terminated the mobile crusher at the end of last quarter - this will be solved once the tertiary crusher circuit is finished construction next month.
The cashflow schedule shows a cash balance of ~$418mil - a decrease to my previous estimate due to a couple of less shipments this quarter than expected. There is potential for the cash balance to increase by $12mil as I have the initial receipt for the last shipment in debtors rather than cash.
It should be pointed out that the cash balance this quarter is benefiting from a positive 'working capital movement'(mainly reduction in debtors) of ~$40mil. Due to a reduction in the 65 iron ore price to ~$124.5(current price today) - closing price on Friday was $129.3 so I've factored into these figures a drop of 3.7% today putting us back near the Oct23 lows, the cash profit for the quarter is only $27mil(keeping in mind we had $114mil in carry forward losses at 31Dec23) so the chances of a franked dividend this calendar year is near zero now.
They have forecasted an average of 4 shipments per month in the current half year which should mean they'll be 14 shipments in the June quarter.
(20min delay)