bfs out, page-14

A quick attempt. Assumptions: LOM 20 years, assume initial capex of $500m and sustaining capex of $50m per year, ave. FOB cost $105/t, 3.5mt/pa saleable ULV PCI, zero price and cost inflation, on a 100% equity funded basis.

ave sale price (-royalty)= $130 (-10.75)
NPBT = $502m loss

ave sale price (-royalty) = $150 (-13.25)
NPBT = $723m profit

ave sale price (-royalty) = $170 (-16.25)
NPBT = $1,923m profit

So the breakeven point will be about $A 138/t...