Current spot is RMB 97000 which is US$13500.
GLN at 70% of this and $4000 opex is 0.7*13500-4000 = $5450*5.4 production = $29m profit before tax and interest.
Loan amount seems to be $90m so say interest is $9m p.a. at 10% leaves US$20m for GLN.
This is at a current price which does not provide incentive for future production. But stil very profitable.
Glencore has US$4050 per ton for their part. Whether this is incentive enough I am not sure but the % could be adjusted between GLN and Glencore to provide enough profit for both.
General Discussion Banter GLN, page-14268
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