Ann: Quarterly Activities Report, page-19

I make it 45.9wmt shipped in the June quarter to hit 170mt.

The corresponding figures from last year (39.6mt in March and 44.7mt in June) suggest that this would be a stretch but not implausible. Although the costs should average down with the traditionally higher June volumes, the focus on fuel prices and exchange rates sounds like anticipatory excuse-making.

In any event, I think the market overreacted and took the opportunity to buy more FMG this morning.