The reason FMG can sustain substantially lower IO prices is because royalties disappear and shipping rates plummet (you would hope), the US$34 odd cost is just the marginal cost for last year, but a lot of the costs that makeup that figure are variable and cyclically favourable.
Also the graphs you provide @Greatone are EBITDA, when ITDA is included the results will be worse.
Iron ore price, page-41785
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