It's unusually low. I've been looking at logistics costs to...

It's unusually low. I've been looking at logistics costs to assess other bulk commodities recently and trying to validate my model against various known costs, and I'm close on Wiluna (ie; RWG's Wiluna West iron is never going to be economic if transport is $80/t), but then suddenly APC reckons it's $30ish to get from 350km east of Laverton, to Geraldton.

It's not a problem for APC. Well, not a fatal flaw. Adding $50/t in transport to make it to Geraldton is fine, the SOP has enough value per tonne not already soaked up by mine costs, that it will still operate. But it's certainly odd.

For example, SO4 is $80/t from Wiluna to Geraldton. VRX Silica is $18/t from 130km south of Dongara, to Geraldton, and that's on the train. So apparently APC gets an extra 800km on road for $10 a tonne? Seems sus.

Geology wise, which is what I actually know about, APC has no problems. Met wise, which I have a little idea about (no expert) it seems fine. That's most of their cost of production sorted comfortably, but that transport cost bugs me because if they are right, why would anyone not be mining iron ore in Wiluna already? Or even in Wingelinna, it's only another 700km or another $10/t allegedly, to get from Wingelinna to Laverton.