Maths based on a conservative average $US 75 (to make Barnett...

Maths based on a conservative average $US 75 (to make Barnett look good in under promising and over delivering). Vale reckons $US 90 is more like it.

Another rate cut with a lossening bias would no doubt knock the AUD down to $0.73 (if US growth picks up - with USD spiking, could look even more dramatic).

$75/0.73 = $AUD 102.7

KB reckons all-in cost with AUD (before recent plunge), diesel and freight could be SUB - $AUD 60.

Now apply grade and moisture discount (roughly 23%), you get $AUD79.00 for 57% fe.

$19.00 gross margin x 13.5 MTA = approx $AUD 256 M

Yes, I am assuming freight and oil price to stay low.