gbg as cheap as dirt, page-18

Now for the people that don't understand shipping:

Funnily enough it doesn't get from Geraldton to China for free. Yes it is a cost for the buyer in this case but as I said you need to take it off the SALE price.

The 62% Fe prices are for delivery IN CHINA. Karara get a FOB price which means they take the Platts price and MINUS shipping. If BHP and RIO are getting $115 then you are only getting about $100 as the iron ore goes into the ship. If shipping costs go up from the current historic lows then you take more off the Platts price.

Get it?? Go read the releases about how the contract works if you don't believe me.. from memory it was in one of the old annual reports.