SYR Charts, page-2017

Spot on chokdee.

It will be interesting to see how much they were able to ship in the Dec qtr and if the use of break bulk shipping helped. In the shipping update on 17/9 they said they have 45kt in sales for the Dec qtr. Then a month later in the quarterly, sales were at 50kt. They had in their inventory 25kt at the end of the Sept qtr including some at Vidalia.

They also managed over the last 2 qtrs to significantly increase their recoverable rates from 68% to 76%, then 82%. In the month of Sept, they produced 15kt at 85% recoverable at C1 cost of US$430/t. Hopefully this can be maintained or further increased to lower the C1 cost further. The grades for the mineral resource we are mining are 15.79%, however it looks like the top section of the resource is higher at 18%.



All eyes will be on the weighted average price. Hoping for +$600. The higher figure in Mar was for only 2kt which I presume was large size flake. I don't think the Chinese were wanting any of our cheaper fines at the time.