This may have already occurred to other investors, but it just twigged to me that 1mtpa of CXM's near-term hematite production will be delivered into the spot market.
CXM announced to the market that Baosteel have agreed to a 5-year, 600,000tpa offtake of Wilgerup fines, at the Hammersley benchmark price.
That leave 1mtpa of the planned 1.6mtpa production for which I cannot find an offtake agreement. One can only assume that this will be delivered into the spot market, and hence receive the current premium above the benchmark.
If anyone knows otherwise, please correct me here...
FOB cash costs for the Wilgerup production are estimated at A$35/t (US$30/t).
With the spot price having peaked at over US$100/t recently, and still above US$80/t, it is an exciting time to be a holder.
Y
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