Cotton & Western Mining Inc (fka CWRN)

[Road Worthy]

Spot pricing is a good discussion to have. A 62% discount from spot seems too steep. At $180/dMT that's only $111.6. Bob is already getting more than that on the first shipment. My understanding is that the Platts' 62 percent iron ore index IODBZ00-PLT is already corrected (normalized) for 62% iron. Source below:

http://www.mbironoreindex.com/

http://af.reuters.com/article/idAFTOE71O02720110225

The actual sales price is always negotiable of course and usually includes freight.

Bob's ore is considered high quality (greater than 60% Fe and dry) so if the customer is paying freight he should still get 85-95% of spot, correct?

Another question: Is Bob still planning on monthly production of 115,000 dMT or is he already there?