If you are looking at margins based on discounts on a lower product (say 57-58% between the various FMG products), you probably should adjust the adjusted $72/t @ 62% Fe back to real production costs for the product.
This figure is approximately $63 which include mining ($35/t) interest serving ($5/t), royalties ($7/t), operational CAPEX ($5/t), administration($0.60/t) and shipping ($10/t).
Using your 12% discount on yesterdays price of $90.30, margins are still at $16-$17/t.
Fortescue’s China iron ore discount nears GFC levels, page-14
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