63.5% fe gained $1 to $122-124 per tonne, page-36

ER6N - economies of scale work for bigger miners because generally they can mine cheaper ore by expanding pits outwards in large ore bodies rather than downwards in smaller ore bodies like AGO have.

I always found moisture varies little between dry season and wet season. Any less than 5% you get too much dust, more than 9% and the stuff clags up and blocks chutes, screens, and causes run-off on conveyor belts. So generally everyone is running at 7 to 8% moisture.

LOI is crystalline water within the goethite matrix. The more goethite you have (as opposed to hematite) the higher the LOI. Also goethite tends to be higher in phos. High LOI bedrock lump ores tend to explode in the blast furnace which is probably why AGO only produces fines - the metallurgy doesn't support lump. Also they need to crush it finer to liberate shale material.

When juniors compare their product and cost structures with BHP and RIO it is laughable. They can not compete with companies that have been in the business for 50 years - and I include FMG as a junior until they get their debt under control, which may be never.