Yep, what kikker and mms said.
Yesterday seemed like good news to me. Confirmation we received partnering offerS at a premium to our SP but rejected them as they didn't acknowledge the true worth of Pilgangoora. Strong leadership. Also we secured the downstream JV venture.
I liked where they said, they sent an envoy to China, looked them in the face and physically asked them their Dec19 quarter intentions for offtake. Or at least, words to that effect.
Their response was that they would take 65-80,000dmt. In other words, all of Stage 1 Dec19 quarter production. Ken's been good to them. I hope the Chinese aren't playing silly buggers with us.
The Stage 2 Lite DFS/FID isn't planned until Jan20. If the Chinese offtakers don't abide, I imagine we will retire production and sell only inventory, as we have in Sept19 quarter. Perhaps look to supply Stage 2 offtakers only. Well POSCO at least. We'll see if Great Wall are forthcoming with the $A37.5m prepayment first.
We have $A139m debt (3 years to maturity) sitting on our Balance Sheet but we also have $A63m in Cash and $A70m in Inventory. Plus $A37.5m from the POSCO JV.
I really don't see a CR on the horizon (unless you count the POSCO Convertible Bond).
I also liked in that D&D interview posted by Scombley on sunday night, where Ken mentions that there is latent capacity in Stage 1.
https://hotcopper.com.au/threads/ann-financial-report-for-30-june-2019.4921615/page-319?post_id=40142557
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