today's article re mike young (the australian), page-5

Gidday haemitite,

I should also say that I TOTALLY understand that many thought that opex/cash costs was/were the total amount. So were shocked to find that the company they invested in was lossing money, when the quoted opex cost by the company was say around $45t and the spot price was around $90t. I think that did surprise many, and to a degree understandably so.

But as mentioned in the prior post, there must have been a slight amount of naivety on behalf of the investor for thinking that a quoted opex figure was the total cost amount. And that there weren't any add ons such as royalties, admin, shipping costs etc.

Maybe that's unfair for me to say, because that's a sweeping statement and each company is different in regards to transparency.

I do agree that perhaps, there are some MDs that don't make 'true' opex costs as clear as they should. However Mike is the most transparent of all the small/mid cap iron ore MDs in my opinion. And just as I can't speak on Mike's behalf, Mike can't speak on the behalf of other MDs in the sector. He can only speak for BC Iron who was still very profitable during the slump and he and his management team have been more than up front with investors about ALL costs. As mentioned, prehaps some other MDs haven't been, but that isn't neccessarily Mike's cross to bear.

I read the article in a manner that inferred that Mike was speaking for BC Iron, and not the sector generally.

Once again, only my opinion buddy :)