They have only sent two ships in December so their current breakeven would be through the roof. The breakeven of US$43 must be assuming a fast ramp up this year to get that as a full year breakeven number. I read somewhere that once they are producing at 55 million tons and they can optimize production that costs could get down to as low as US$35. Based on history I would take these forecasts with a grain of salt. RIO is also expecting another large drop out of the market this year from the high cost guys. Global mine depletion also runs at 50million to 70 million tons per year. To offset the falls, the only growth I can see in the world is Roy Hill and S11D.
Iron Ore Price, page-4632
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