Lads I don't think this looks correct.
Taking the annual report for the FY ended 30 June 2021.
Iron ore shipped 182.2mt. I did not realise this was wmt not dmt but regardless.
Total costs $3.048B
Total delivered cost (wmt) USD31
Total delivered cost (dmt) USD34.
This is all in the financial performance section on page 34.
In addition to this you need to add sustaining capital but not growth capital. I am not sure how to get this number but in FY2020 it was US1.1B (page 41). This is USD10 per wmt. So it is a total of USD41 per wmt or about USD45 per dmt.
However during a downturn they will cut back on everything including sustaining capital. So during a downturn we are probably talking USD35 per wmt or USD40 per dmt.
FMG Cost Structure, page-12
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