mount gibson , page-25

i would have thought that when mgx signed the contract to ship 1.5 mtpa of ore through geraldton and signed contracts with glencore 350000 tpa and stemcore 600000tpa back in september and january suitable hedging would be put in place at that time when from memory the exchange rate was in the mid fifties, the 550000 tpa t0 rosperity core in april already had the exchange rate at .62 and but would include the iron ore price rise . and will not be as profitable the agreement with glencore for 1.5 mtpa from mount gibson doesnt start until 2004-2005 is as far as i can figure its not a contract just a commitment to purchase ore at the prevailing priceand exchange rate at the time, mount gibson may well be delayed but i think the taellering peak mine is profitable to the tune of around 10 million pa.wrongway