costs??, page-10

GMAC you are absolutely correct. I was at the same function and heard the same comments and saw the the two slides. Platts is a reputable company and gives the price of iron ore.

I was at the Rising Resource conference in Oct 2012 when Tim Netscher was asked by Michael Pascoe what the cost of production was and he replied $75. Add on royalties freight, moisture content etc and the price would have to be close to $105 as stated today.

I won't get into meaningless discussions regarding this but these are statements made by people in the know.