Good News & Bad News, page-45721

hi
So citi states that only one lithium mine is profitable ie Greenbushes
and the method they used was "all-in sustaining cost"
"Citi examined the seven Australian mines using analysis popularised by gold miners to arrive at a breakeven figure known as an all-insustaining cost including freight and royalties."
well interestingly I used a similar methodology to work out costs for PLS but came to a different conclusion.
My data comes from the most recent quarterly (June)

this table gives you operating costs including transport and royalties via the Unit operating cost (CIF) which is A$733 and the number of tonnes sold ie 235,800 tonnes.


sustaining cap ex is derived by subtracting $123m - $59m which is A$64m




I then did the following calculation
*cost of sales(CIF) = 235,800 x A$733 = A$173m
*sustaining cap ex etc = A$63m
Total costs A$236m
convert A$ to US$ divide by 1.5
US$157m
breakeven = US$667
($157,333,333 / 235800 = US$667)

Now as of yesterday the spod price was US$748
$748 is > $667
therefore Pilgangoora is profitable, agree?
So I am saying Pilgangoora
But Citi says it is not. It is saying that the only profitable mine is Greenbushes?

where then did I go wrong?
OR
more to the point where did Citi go wrong?
Does anyone have Citi's research?
thanks