Because of the relative demand for product in India, the Indian...

Because of the relative demand for product in India, the Indian IO market has for a year or more been trading at a premium to the international market. Clearly in the early period of IO production, local sales would be preferred for NSL. But, as they push production into the seven figure annual production level, some will/may have to be exported.

The longer term target for the company is to add value to the iron ore by constructing a briquette plant. Exporting this value added product is not subjected to export duty at all effectively adding 30% to the margin.