That’s the point I’m making.
Just like BLK a few weeks ago, sold down hard for being evasive.
The latest pricing terms that I can see are similar to a peer with GXY getting a higher rate but there doesn’t seem to be a low threshold that the production needs to be that I can find, Q1 17 was 5.3%. It goes up by $15 for every .1% increment but they don’t say what the price is for less than 5.5%.
“shipments now priced on 2017 terms of US$830/t for 5.5% grade, rising to US$905/t for 6.0% grade”
Last quarter they achieved $868 which lines up with 5.75% grade they produced.
This was in a headline at the top of the last quarterly.
This quarter they avoided any talk like this. There is no need to email the company to find out that this has been a poor performing quarterly imo.
1. If spodumene grade was on par or better than the previous Q they would have highlighted that.
2. If the recovery grades were good they would have highlighted that.
3. If the price achieved was good they would have highlighted that.
If it’s not broken don’t change it as the saying goes but They avoided all these metrics in this quarterly. As is very often the case, the shorters are the smartest or at least best informed guys in the room.
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