assistance regarding current basket price, page-30

lei88, do you see the calc below =high RE price, low cost?

2014 Sales = P1 (11,000t) + P2 (2,000t) = A$26/kg
2015 Sales = P1 (11,000t) + P2 (10,000t) = A$28/kg
2016 Sales = P1 (11,000t) + P2 (11,000t) = A$37/kg
2017 Sales = P1 (11,000t) + P2 (11,000t) = A$33/kg

2014 Sales A$340m EBITDA $75.4m =CoS $264.6m ie A$20/kg
2015 Sales A$594m EBITDA $235m =CoS $359m = A$17/kg
2016 Sales A$808m EBITDA $424m =CoS $384m = A$17/kg
2017 Sales A$729m EBITDA $514m =CoS $215m = A$9.8/kg

IMO,
The RE prices and cost are on the very conservative side of estimates. ie RE price 2013/14 & 2014/15 are close to current prices. 2015/16 & 2016/17 are close to China CoP.

The CoS are close to LYC projections and only improve in 2016/17 due to process improvement, optimisation and no longer startup and learning costs.