Iron Ore Price, page-4543

I think you're forgetting the $1.4 Billion, depreciation & amortisation deduction. I know its not optimal to run your business using tax deductible / sinking fund monies, but it's actually real money that can be directed to debt reduction, less the no capex requirement of $330 million.

So they're looking at $311 million after tax profit & $1.4 billion non taxable cash flow less $330 million of sustaining capital, for a net of $1.38 billion. If they can continue to generate around $1.38 billion pa of surplus cash, they'll be sitting on a nice nest egg when the first debt reductions fall due.