that $600m IO prepayment it received which has reduced their...

that $600m IO prepayment it received which has reduced their accounting net debt is mind boggling really.

if they had not drawn $600m from an IO customer, their net debt would be $5b and cash on hand would only be a paltry $0.3b!

Min had net debt of $3.57b and cash on hand of $1.383b as at 31/12/2023 (page 1 HY report)

so if we were to back out the impact of the $600m prepayment, their net debt has increased by circa $1.4b.

Their creditors/accounts payable were $1.17b and debtors $0.7b as at 31/12/2023. The market has deteriorated considerably in the last 6 months (IO and lithium collectively), therefore debtors would likely be lower and taking into account $0.3b cash (backing out IO prepayment), their working capital would not be favourable at all. There was a $200m payment to red hill on 1/7/2024 as well.

The $4.4b net debt figure helps when discussing their Ratios like net debt/underlying EBITDA, net debt to enterprise value etc but you need to look through all that.

meanwhile the lithium futures and Dalian continue to fall