Yep I see where you got the US$23.5/t in the March quarterly, and no probs with that, but its the other figures you add to it US$5 (shipping) + US$2 (leases) + US$0.5 (admin) for the US$31 total, that I think are doubtful as they are given in the March quarterly as FY16 guidances not as current fy15 or 2half 2015 figures.
Now I don't know what the shipping, lease and admin costs actually will be for FY15, but from looking at the fy14 annual report I can see that together those three added up to US$18/t and that that figure was arrived at by dividing the actual dollar costs for the three cost items by the number of tons (118 from memory). Same as the US$38.
I can't see that it is a correct to just plug those three figures which FMG projects for FY16 (in the march quarterly you used) into this FY15.
If they were US$18/t in fy14 (with 118 m tons) and projected US$7.5/t in fy16 (on 160-165 m tons), how is assuming they will already be down to US$7.5/t in fy15 okay?
Iron Ore Price, page-526
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