Help me. I could be wrong but I think that maths is not correct. I agree that royalties are treated as a cost not a tax.
However in a survival scenario I think a few things happen.
1. Costs reduce including royalties, shipping etc. So the overall cost per tonne looks more like the fy16 numbers
2. Sustaining capital is still required. So that needs to be added in on top of the cost per tonne as it is cash out the door.
I think the net affect is probably a survival cost in the high USD20s but I don't have the actual numbers. Do you know them?
Iron ore price, page-41816
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