You seem to be overlooking a lot.
First that 67.2% is not direct shipping ore (DSO) like the hematite from the chichester's and solomon hub, it has to be concentrated by a process to get to be 67.2%.
See page 48 "Magnetite Ore Reserves" - "Iron Bridge Ore Reserves are ****based on the onsite processing of fresh magnetite mineralised material into a saleable concentrate product**** that is pumped by slurry pipe to port".
Second only stage 1 is complete. See page 53. "Costs" - "1.3 to 1.6 Mtpa" (so where are you getting your 10 million from?).
Same page 53 , also under "Costs" says "an exchange rate of US$0.80 has been applied".
and under "Market assessment" "The selling price used for the pit optimisation was US$112/t concentrate for 62% Fe".
That exchange rate and that US$112/t for 62% Fe should tell you something about the modelling assumptions don't you think? Hint. What are the current exchange rates and price for 62% Fe?
Ann: Fortescue Ore Reserves and Mineral Resources Update, page-19
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