Ann: Corporate Presentation, page-15

I don't mean to sound rude as I have no idea of your background, but do you know the difference between CFR and FOB? The current US$129 price is a CFR price (ie. includes shipping). Its right that FEX obtain the CFR price + 5% (for Iron Ridge - which they are unlikely to get for the other assets), but you have to adjust for shipping prices, which at the last quarter were something around US$18 / tonne from memory.

You also need to adjust for the difference between dmt and wmt as the saleable product (dmt) loses water, hence why its called dmt. You can usually adjust that by around 8% which pushes the cost of production up (ie. same costs, but lower sales volumes in dmt compared to wmt).

Where do you get your +$10 from on top of the cash costs? Is that an assumption on DD&A and corporate costs?

Are you factoring in the hedge, which whilst is a good thing for small companies and I fully endorse the use of them for FEX, is in the red right now.

FEX is highly cash generative but when you see things stated around $100 / tonne margins and $1bn profits, it does raise questions as to how they are calculated, hence the question.