Their cost is AUD$100/t or USD$74/t, and they've indicated cost deflation of a further A$10/t into the next quarter or two from optimisations so AUD$90/t or USD$69/t so at USD$100/t sales prices they are still making decent margin at AUD$42/t. Then when multiplying that by 1.25mt p.a. we're at $52.5m margins p.a.
The point I'm making is there's all this free cash just sitting there even at conservative IO prices that the market has priced FEX way off the mark it's silly. This is a no brainer buy at these prices.
FEX Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
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