I am of the view and consider that the rate determining...

I am of the view and consider that the rate determining component of GRR's pellet exports over next 1-2 years may be Port Latta manufacturing process (bottleneck) and not the mining and ore recovery for any move by GRR to block cave mining. GRR's capex and other sunk costs into decline and other capital upgrades and opex provide positive insights especially Port Latta loading facility upgrade in Nov 2020 in record time. The pellet plant upgrade is expected to add the 5th furnace during this calendar year so I would suggest a 25% capacity uplift by Dec 2021. Another 12 months at 2.5mt pellet export / delivery in calendar 2021 should generate robust profits and significant cash flow and ROE.