IPL

Incitec had yet another issue at the Waggaman plant. It does make you wonder if the assets might be better under someone else’s stewardship, but in any case, the market reaction hasn’t been too bad, and if anything, slightly better than we expected.

In this instance, the news is not too bad with a) minor damage b) short time down and c) insurance recoveries.

To an extent, we answer our own implied question, about the market reaction, with our a, b, c observations above.

In any case, the events in Europe are placing strong upwards pressure on both energy and fertilisers, both of which is supportive to IPL.

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Please note that past performance is not a reliable indicator of future performance.

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