Atlas Hedging, page-16

I haven't gone through the report in detail but didn't they ship more of the crap stuff and store the better quality ore. This quarter when they ship the better material it should pick up the average.

AGO shipped 0.7M tonnes less than March last year. The extra tonnes in storage will get shipped in June qtr. The interruptions due to the wet weather in the Pilbara this year have been more than normal.

Mar2016   Mar2017
$33    $36    C1 cost
$49    $56   Full cash cost (keep in mid previous Dec it was $54)
$53    $62   Average realised price

Keep in mind shipping less tonnes increases your overhead cost per tonne so as a result the full cash cost was always going to be higher.