64 cents, page-27

Hi Plough, TTY stated that they are receiving around US$100/ton FOB, I expect it to be closer to US$110/ton FOB. The iron ore grade is 62% and according to Eagle Research is the highest grade in Australia.
Present costs are high but in the last report it was stated that they were targeting AUD$55/ton costs. This gives us around AUD$40-50/ton profit going forward, however these new increases and export tax of 15% for Indian Iron ore should add another US$5/ton.
At 2 million ton pa we should expect a profit of $100 million.
I think TTY is worth far more than the current share price, it doesn't matter what you think of MON, it is really insignificant.