IRON VALLEY BREAK EVEN POSITION.

Mineral Resources' 1st H2020 CY figures (refer their ann.25 Feb.2020 JP Morgan High Yield Conference
(Chris Ellison presentation in Miami,USA)
Weighted Average-Iron Valley mine.
Exports (Kwmt) 3,590
Revenue ($/wmt) 98.2
CFR cost ($/wmt) 77.3
EBITDA ($/wmt) 20.9
........................................................................
Utilising the above MIN figures I've been trying to work out MIN's current "break even"
position for Iron Valley alone as this is critical to BCI continuing to receive Qtly income from MIN.
On "back of envelope" calculations & perusing the historical AUD vs USD exchange rate chart for 6 months period
to 31 Dec. 2019 (ie 1 H 2020 Fin. yr) I reckon the average Fgn exchange rate was roughly AUD 1 = 0.69 USD.
Won't bore folks with my individual calculations (but will retain them)but bottom line (according to figures)
is IMO the MIN Iron Ore price for ~59 % FE could drop to USD 50.3++++ wet metric tonne and MIN
would still earn ~AUD $84 wmt compared to the 98.2 above against AUD $77.3wmt costs **
** assumptions-AUD = 0.60 USD (actual current =0.58)so fairly conservative.
According to online chart the average 6mth's 62% FE iron ore price to 31/12/2019 (ie 1H2020 fin yr)
was USD $95.7 per mt.I separately worked out that MIN's 59%FE for 1H20 was av.USD 67.7 wmt.
(ie difference between 62% Fe and 59% Fe seems to be a whopping ~30%)IS THIS CORRECT ?
So @ "current" 62%Fe @ USD$90 (actual USD $89-57) on above figures the current 59% Fe should be ~USD 63 wmt.
(ie US 90 x 70%=US63).
Conclusion...the 59% Fe MIN price could drop from ~USD 63 wmt to ~USD50.3 wmt (ie 20%) and still
yield MIN on Iron Valley a bottom line profit of ~AUD $7 per wmt(still a safe magin imo for operations
to continue uninterupted ie AUD 84 wmt -AUD 77 wmt.
NB-I haven't adjusted the cost of a wmt (AUD 77.3)as imo lower cost of oil/duel (& maybe wages)
should prevent a cost blow out given the corona virus situation.
FOOTNOTE-I'm very happy for anyone to point out any major errors I've made.
If my calculations are somewhere in the ball park that must give us all s/holders a measure of comfort.