And one more thing - with those bad shipping contracts expiring right now (September 2016) that the Board and Ms James and Mark Elder signed off on, the breakeven price of iron ore delivered to the port in China may now be lowered to around US$39 per tonne.
Iron Ore should be profitable if the price can hang around the US$50 per tonne.
US$50 x 95% x 9 million tonnes per annum - US$39 = US$76.50 million. Divide that by an Aussie dollar of US$0.73 cents you get = A$104 million.
Take out say A$54 million for capital expenditure (exploration to replenish lost reserves and the like) and you have around A$50 million per year profit.
thoughts on a DOCA, page-41
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