Further to that we have iron ore pressing the apparent magic $97 level which may cause a quick drive to back over $100 or $110 and an EPS near $1.00.
Bottom Line is $62/wt @ 57% Fe. Realised price $106 dmt (assuming @ 62%)
- C1 @ US $34/t
- Shipping ($10/t) + Royalties ($7/t) + admin $1/t) @ $18/t
- Add interest expense ($5/t) + operational CAPEX ($5/t) @ $10/t
Assuming a 12% discount for grade and wet results in realised of $93/t and $31/t margin for our product.
124.2Mt x $31/t = $3.850M USD
AUD/USD - $0.92 > $4,185M AUD x 0.70 (tax) = NPAT $2,929M
EPS approximately $0.95
With number like that I've no doubt the budgets will still call for a repayment of US$900m Senior Unsecured Notes (due date 2018) by December 2014 followed by a further US$1.0bn repayment of Unsecured Notes (due in 2017) by June 2015.
Further to that we have iron ore pressing the apparent magic $97...
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