first quarter

I know there is still 2 weeks to go in the quarter, but I thought I would put some numbers together on potential cashflow from known information.

In the last financial presentation when adding all costs except tax, divided by the 8.8m tonnes sold, we ended up with a cash cost of $83.68/t.

Assuming we get to the 2.25m tonnes this quarter, with the price so far averaging ~$135US/t, with the $A averaging $.92c, then after allowing for the discount to the platts price ($114.97 in 12/13), MGX sales price A$/wmt sold $97.24, we can get a rough idea of cashflow.

Firstly a A$17.73 discount: $US135= $A146.73 minus discount =~$129/t. subtract cost of $83.68 = $45.32/t cashflow. This assumes none of the cost saving measures mentioned in the annual report.

Assuming 2.25m tonnes = ~$102m for the quarter.
With cash of $376m already, why on earth is this only worth $880m?

BTW, I did a quick piotroski f score on this, and it scored an 8, higher than all the other IO miners. The only miss was the lower operating margin due to lower IO prices last year. Value investors should know what I'm talking about.