I remember doing this calc the other day, but i'll look at again and add to the table. It is roughly $500 k per transhipper load at FOB $58, Iron ore Us $100 tonne, so with 4 shipments per day, 80000 tonnes, it is $2 m per day or $60 m per month. I'll relook at it again tomorrow.
Whilst they have the $260 m of cap ex to do o n the Haul Road, my feel is the debt will remain roughly flat over this quarter, which is fine. They then begin to very quickly de gear from about end of August when the cap ex turns off, output at 35 mt pa, and FOB costs below 55. You'll then have the debt costs coming down about $70 m to $80 m per month with iron ore at US $100 per tonne.
MIN Price at posting:
$23.87 Sentiment: Buy Disclosure: Held
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