Operations have turned into a complete shambles in the March qtr - the tenth ship arrived at Koolan Anch on 14/3 and waited there until 23/3 when it docked and it's still in dock waiting to be fully loaded - so far some 200hrs in dock when these vessels usually only take 50hrs to load - it gets expensive when they're paying A$25k/day in freight costs - I'll have to do some crazy apportionment to come up with a figure of how much ore had been loaded on to this ship by midnight last night - and these crazy delays have nothing to do with the weather but everything to do with the inadequate crushing equipment they're currently using and the hardness of the ore - and in the meantime the first two ships for the June qtr have been sitting at Koolan Anch for over a week so far.
MGX Price at posting:
43.0¢ Sentiment: None Disclosure: Held
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