Need to include royalties 7.5% and shipping US$20 per wmt on top of C1 costs, but the company has said they will get 2 boats out a month, so should be ~350k wmt, or ~330k dmt. At this stage figures are pointing towards minimum $40mil ebitda for the quarter, if not higher
Ann: SCN: Fenix Iron Ore JV Update - Pharos, page-37
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