Sadly, BCI's announcement on its cost reduction does not make me feel confident at all. Their all-in cash cost is stated as $54-$61/t FOB (presumably aussie dollars). The CFR (shipping cost) will be at least US$10/t. At a FOREX of 83c, that means their delivered costs is US$55 - 62/t. Current iron spot price is about US$68/t. BCI only get around 80% of spot because of their low grade, so revenue is only US$54/t.
They need to lower their costs a hell of a lot more before the SP stops sliding!
I hold and am worried.
A free iron ore business anyone, page-11
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