The base margin for IO at a realised price of USD80 per tonne and a production cost of ~USD19 is:
80-19 =61
61/80 =0.763 (76.3%)
There are not too many producers of very much that have base margins in that range.
And do bear in mind that a reasonable proportion of IO has a margin cost of production at ~USD80 per tonne, ie BHP is doing very well thank you very much at a price point for the product that is at the marginal cost of production.
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