back of the envelope musings, page-6

I have these costs *per ton* to get to EBITDA:

- USD $36 in extraction costs (what GBG calls operating costs on p13 of presentation)
- USD $6 in actual operating costs (this is my pure guess about their cost for leases, office staff, etc). The actual cost could be $1 or $10, and I need real data
- USD $7 in interest expense on a US $1.2B loan

To this I add about $14 in payback of principal and $12.5 in capex given an $82 per ton iron ore price.

With those numbers they need about a $75 IO price to get to breakeven on free cash flow.