RE:RE:RE:RE:comparing contribution margins per ton (SLCA vs. NI) - 2014 there is seasonality in this business - saw it last winter with SLCA - so you'd expect now to be a period of contract negotiation, building inventories, planning for 2015. I am not concerned about the progression of sales - for where they are they have 1 long term contract and the spot market - they just commenced - so they can not over committment with a full book and then under delivery.
some caution here is sensible as they ramp up, in fact being where they are now and heading into winter (slower season) is actually a blessing for them as they ramp up, train crews, define operating strategy and just get the "machine" properly oiled and alligned.
My sense is we are in commercial and operational good shape.
Keep in mind this is Northern White - absolute top grade - will always move on the spot market.