Morningstar analyst Mathew Hodge calculated the miner's earnings before interest and tax (EBIT) unit costs at $US74 ($A72.67) per tonne of iron ore in fiscal 2012.
Iron ore spot prices have dropped to about $US87 ($A85.43) a tonne, but Fortescue receives about $US10 ($A9.82) less than that because its iron ore quality is below the benchmark and it pays a four per cent royalty to US-based Leucadia, one of its original investors.
fmg the lehman of the commodities bubble?, page-9
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