Damo26,
Two reasons you need to be careful at looking at $/tonne:
1. High grade ore sells for more than low grade ore.
Eg.
Ore from RIO's Robe River deposit sells for 70% of the price of the rest of its deposits. This is because Robe River is Channel Iron which is typically a little lower in Iron content (only 56-58%Fe).
2. Bulk commodities are not so much about the size of the resource, but about the quantity you can ship per annum.
E.g. Which is better:
- 1000Mt shipping at 2Mtpa; or
- 100Mt shipping at 10Mtpa?
Joel
fms comparison with umc, page-7
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