Not a GXY shipment as you realise.
GXY does have partners for their full annual production, but due to the overall struggles of independent converters and their largest offtaker upgrading their converter - yahua - GXY flagged that H1 19 would have shipments reduced and annual commitments would be skewed to H2. It is also worthwhile remembering that GXY pushed offtakers to take larger quantities in late 2018.
There is still an opportunity to reach the lower end of annual guidance.
60kt dmt were shipped in the Sept Qtr which is higher than any other junior. 15kt were listed for first half of October. So it is a wait and see situation for the total annual figure.
Many analysts / punters did not take into to account the skewed shipping when reviewing H1 accounts and ignored this from assumptions and projections for the remainder of the year to draw conclusions about Mt Cattlin profitability.
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