what a load of fairytales you spinfact is PEN forward sold 1/3...

what a load of fairytales you spin

fact is PEN forward sold 1/3 of their anticipated name plate production at around US$53 lb from memory

they have started making deliveries under those contracts with nil production which means PEN have been forced to purchase lbs on the spot market to meet lbs contracted

200,000 lbs recently delivered ay what cost ?

I'm guessing they paid around US$63 lb on spot market to meet contracted deliveries due and were paid US$53 lb by tge utilities

that’s a loss of around US$2m or AUD$3.1m if my assumptions are anywhere near the truth

confetti George has inherited this mess to clean up

PENs forward sale contracts at IS$53 lb are a liability, and the longer they take to get into production and the higher the spot price climbs - the larger will be the realises losses

hope is not a strategy. !!!