FRD - yes, definitely agree with you and researcher59 on this.
I guess here's my rough thinking:
I think they can average close to $800/ton for Q4 (based on historical quarters near end of 2017 and 2018). With the upgrades finished in March, I'm assuming cash flow and the cash on balance sheet get a boost in Q1. Presumably, if they are still hedging, they may then lock in some of these $800/ton+ prices, at which point they are printing money for the rest of 2021.
Maybe I'm missing something. I get that the ramp up in $/ton in Q4 may be weaker than expected, but it would have been some pretty egregious hedging to completely faceplant in 2021.
