Undaunted, I think you are correct, running some numbers it is...

Undaunted, I think you are correct, running some numbers it is hard to imagine even getting up to the 3m ton mark how they get their costs down enough to make the profit, then their next move is to go after lower grade IO, which the market (China) is moving away from? In the report they have production costs at 62 173 on income of 39 296, these costs don't even include o'/heads interest etc. Have I misunderstood something?