updated eps, page-32

Confirmed.

GBG is FOB as we knew. BUT the Karara JV will receive CFR price which will have a net back of the shipping. So $15 per tonne for shipping is reasonable. This is standard.

Hence FMG may have $45-$50 cash cost, but still makes a loss at $100 p/t due to interest, shipping and the discount for lower Fe/impurities.

Therefore my initial model was reasonable (based on my estimates). 0.113 EPS is my estimate. Extremely good value, so long as the spot price holds. It's not so pretty at $110-$120 per tonne which is in line with the broker presentations predicting a sub $0.30 shareprice.


**please note I take no financial responsibility for this**