Assuming I'm on the right track here's another cost calculation....

Assuming I'm on the right track here's another cost calculation. I changed the average 20 year inflation rate (CPI) to a lower 2.5% and I now get US$71.42 FOB Darwin in the first year. Not much change.

With the price of Darwin FOB (to east coast of India) currently about US$115 per tonne (page 11) I think we're looking good. It's worth noting forecast prices at various destinations were discounted a further 10% in the financial models. If they were as conservative with their cost estimations this will be a great project.