Heresmy take on MIN’s balance sheet
Halfa haul road = 1.3B
1whole haul road = 2.6B
SubTotal = 2.6B - one off income
JustOnslow alone 35mtpa within 12 months
MINowns 60%
21mtpaMIN share
Saleprice Iron Ore US$100-US$110 per ton
Costprice FOB US$45 per ton
Profit- call it US$60 per ton (US$105-US$45=US$60)
21mtpax US$60 per ton = US$1,260,000,000
US$1,260,000,000divided 0.66 = AU$1,909,090,909
SubTotal 1.9B - income every year
Plusramping up to another 15mtpa after from start of FY 26 – FY 28
15mtpax 60% = 9mtpa MIN share x US$60 per ton profit - will be more in real world due to economies of scale
9mtpax US$60 per ton = US$540,000,000
US$540,000,000divided 0.66 = AU$818,000,000
SubTotal = AU$0.8B - income every year
Taking just Onslow 12 months of first stage IO production 60% of 35 mtpa @ 21mtpa and one road = 4.5B
All debt gone
and just Onslow making 2.7B every year for 40 - 50 years
(50mtpa x 60% x AU$90 per ton = 2.7B)
Then on top of that is:Plusanother 40 mtpa IO on top of Onslow 50 mtpa by FY2028
PlusMining Services income tripling by FY2028
PlusGas 250 TJ/d by FY2028
Pluslithium - weaker now worldwide but will be stronger from FY26/27
Justimho - not an accountant - which I am sure you can tell
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