65% Fe at US$167/t

Link below shows the current prices for 58%, 62% & 65% Fe iron ore

http://www.custeel.com/en/csi.jsp

GEN's average product grade (fines & lump) appears will be 64%Fe which is currently around US$157/t (US$10/t less than 65% Fe)

Shipping has come down considerably to US$17.50/t Brazil to China (G.a.bon to China Capesize at similar rate)

https://en.sse.net.cn/indices/cdfinew2.jsp

With GEN's FOB Total costs at an estimated US$48/t plus sea freight above approx US$18/t then total costs now would be US$66/t CFR China.

This would put GEN's profit margin currently at a stunning US$90/t x 5mtpa for an annual EBITDA of US$450 million.

If only they were coming into production right now!!

GEN is the lowest cost IO junior developer on the ASX by far. It has started to get some publicity but still largely overlooked by most iron ore punters on the ASX . I remember buying CIA at 98 cents pre-production when few had heard of it.

I bought a few more this morning - production start-up only 2 years away.