I understand after royalty and op ex costs it amounts to $57/MT. With an iron ore price around $100/MT, I would say they are receiving $80 - $85/MT. This is due to FMG having lower grade ore. margin would be $25/MT.
Obviously when price was $80, they were receiving $55 - $60.
You then need to add on Depn and Amortization charge, which is around $10/MT.
Therefore profit around $15 - $20/MT by 115 MT = 2.3B less capital expansion plans.
Compare that with IO price of $80, with received price of $60. Margin $3.115 M MT = $345M - (1150 Depn) - Capital Expansion Costs = (805M) - capital Expansion costs
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