You are correct GRR sell pellets which are sold at a premium between 20-30 USD ( but one must minus freight and insurance around 8USD) So break even is around a pellet price of around 50 USD ( currently around 71 USD fob after freight is minused. A better calc would be to look at AISC include corporate and that would give a break even equivalent to about 62-63 USD CFR pellet price ( now 79 USD)
To find the pellet price go to my steel - click on imported iron ore and click on concentrate/ pellet prices . So far they have maintained about a 24 USd premium to the 62 fines price
I think postponing the divi while IO was in free fall and GRR needed to spend some money in mill upgrade was prudent. However since then they have decreased costs , pellet premium is back to a long term average - capex has been spent and off take secured - so they can without question afford a divi it .5c -.75c without any trouble
IO hits $60 ..Again and Again ., page-34
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