I'm not sure I really get their figures.
The half yearly report showed that FEX's profit from the JV was $2.1m on 677k tonnes ore hauled. At 100% ownership that means they made profit of $4.2m, which is only around $6.16 / FOB tonne (at 100%), so the incremental gain for FEX is only around $3.08, nowhere near the $10 stated.
The multiple of the transaction doesn't look too bad.
Using the 6 month run rate shown in the half yearlies, thats profit of $4.2m, annualised is $8.4m over a transaction cost at a 100% basis of $69m, is a P/E multiple of 8.3 so its not too bad but I'm not sure where their calculation of $10 / FOB saving comes from. That would suggest that their profit is a lot higher than was shown in the half yearly statement.
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