I am not quite sure about whether the PDN will make losses on future sales as my understanding is most of futures production will be sold into term contracts - refer comments below:
"Actually, in FY '15, we have very little to place in the spot market left. So we will have a much diminished role in the spot market."
and
"Yes, those contracts that are on either base escalators, the fixed prices were done a number of years ago. So they'll be definitely much higher than the $45 that is currently being reported. We don't give out the exact numbers on that, but we do have a couple of contracts that are well above $60 at this point".
DYOR
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