I do believe that the reason the SP hasnt crashed is 2/3 fold
- Debt sellers have stopped the selling (for now) they would want to be selling around the mid 3's low 4's
- Even with the fall in IO - we are miles above where the market ever thought possible- Making money every day
- Market expects a decent announcement within weeks around debt payment, cashflow, profitablity etc
-Finally with our hedges rolling off - i would anticipate that we would have further hedged out at these high prices. Even if this is only 30% of what we produce , it still locks away certain profitability for the future.
Now with all that said and done, and having had the benefit of seeing the IO price save the company i would love to see a concerted effort of getting the cost down of producing
We saw FMG do it. This should be our number one priority.
My target remains 10/11 Cents by mid year
AGO Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
