AGO mcap = 350m at 37c
IO $80.00t x AUD 86c = $98au ton
AGO pulls out IO out at $70tau all in costs margin = $28
and IO sells at over $98au = $28margin
AGO IO discount = $8
$20 x 13m tons = 260m profit = pe 1.5
$20 x 15m tons pa = 300m profit = pe 1.1