My thinking is that, even though the IO price is looking attractive again, they will leave Shine on ice unless IO moves to value levels which are overwhelmingly compelling. My reasoning is that management and the Board would want to be focused on getting Koolan Island absolutely humming and maximise cashflow in the near term and trying to restart Shine would be seen as a distraction.
At the end of the day, Shine is a side-show and KI is the main game. What they can make from KI in a good, efficient quarter would be more than they could make out of Shine in the totality of its resource. If IO prices suddenly hit US$250/tonne and look like staying there for a while due to a structural deficit, they may assemble a select little management team and give them Shine to run as a project, but otherwise, I suspect it will stay as is for the time being.
Nice to see the regular flow of ships coming into KI though, I must say. Long may it continue!!
MGX Price at posting:
69.0¢ Sentiment: Buy Disclosure: Held
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