In mid March IO was $130 USD/t which equated to $194AUD/t. It was the very good price for iron ore that resulted in the $20 million addition to cash. The hedging guarantees we can continue selling profitably. If the price drops we can freight less, holding off a bit until the price recovers. The other smart thing the company did was attend to various maintenance issue while the port was closed towards the end of last year. This ensured we sold 6 loads in Q3 since we had prepared to work to full capacity in this quarter and this allowed us to take advantage of the very good prices we secured.
SELL, page-19
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