Sagaro,
Arrium cost of goods sold is (from FY14 Mining results )...
(Revenue - EBITDA) / Tonnes = (1569 - 686) / 12.93 = AU$68.29
Stripping is another $6 / tonne so AU$74.29
AU$74.29 = US$69.46
I look at AU$74.29 = US$69.46 as the CASH cost / tonne.
Accounting DA = EBITDA - EBIT = (686 - 481) / 12.93 = AU$15.85 / T
But this is a non cash number and includes infrastructure that is built.
Even if you add COGS AU68.29 + accounting DA (AU$15.85) = AU$84.14 or US$78.68
ALSO and this is really important Arrium has a much higher grade and gets a much higher % of the 62%fe price than others. So costs / tonne is only half of the calculation. You have also factor that in.
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