MIN chart, page-88

Heresmy take on MIN’s balance sheet

Halfa haul road = 1.3B

1whole haul road = 2.6B

SubTotal = 2.6B - one off income

JustOnslow alone 35mtpa within 12 months

MINowns 60%

21mtpaMIN share

Saleprice Iron Ore US$100-US$110 per ton

Costprice FOB US$45 per ton

Profit- call it US$60 per ton (US$105-US$45=US$60)

21mtpax US$60 per ton = US$1,260,000,000

US$1,260,000,000divided 0.66 = AU$1,909,090,909

SubTotal 1.9B - income every year

Plusramping up to another 15mtpa after from start of FY 26 – FY 28

15mtpax 60% = 9mtpa MIN share x US$60 per ton profit - will be more in real world due to economies of scale

9mtpax US$60 per ton = US$540,000,000

US$540,000,000divided 0.66 = AU$818,000,000

SubTotal = AU$0.8B - income every year


Taking just Onslow 12 months of first stage IO production 60% of 35 mtpa @ 21mtpa and one road = 4.5B

All debt gone

and just Onslow making 2.7B every year for 40 - 50 years

(50mtpa x 60% x AU$90 per ton = 2.7B)

Then on top of that is:

Plusanother 40 mtpa IO on top of Onslow 50 mtpa by FY2028

PlusMining Services income tripling by FY2028

PlusGas 250 TJ/d by FY2028

Pluslithium - weaker now worldwide but will be stronger from FY26/27

Justimho - not an accountant - which I am sure you can tell