qrtly out - where has the cash gone?, page-22

Banning shorting is stupidity. Without the ability to hedge positions via shorting it may just accelerate the selling from big money.

My read is a solid quarter in-line with expectations. Another box ticked. For those looking for a home run, it was never going to be that sort of quarter. Of course its now all about delivering the future production increases on time and on budget after the delays.

I have a question re the cost structure.

AGO quotes revenue CFR yet costs FOB.

CFR means AGO is responsible for the carriage of iron ore to the buyers port of import (ie, shipping) yet AGO quotes its cost base FOB, meaning the buyer is responsible for shipping. My reading is that the cost structure therefore excludes the shipping cost per tonne? Can anyone with a shiping background or understanding of INCOTERMS clarify this position?