FEX trucks IO 490kms to port, GWR will do 711kms, so GWR will have ~$20/t higher transport cost
FEX MC=$101m, GWR MC=$136m
FEX has 62% and/or 64% Fe, GWR is ~60%, so GWR gets lower IO price
FEX moves 1.25mta, GWR moves 1.0mta
Although GWR has 20y LOM, FEX is 6y, but who knows where the IO price will be in >6 years,
maybe will have fallen back to <$100/t.
FEX is better bet right now to take advantage of high IO prices, should have higher margins
higher cash flows, and MC is still 25% cheaper.
All IMHO, DYOR
fex 2021, page-59
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