GRR Qtrly report, page-54

Trippa you cannot work out the profit out the way you are trying to do it. The C1 costs are worked out over various stages of mining and processing and then averaged. Some stages cost more than others, so if you try to do it the simplistic way you are doing then you will come up with the wrong answer, it may be OK with a hematite IO miner but it doesn't work when processing is taken into account, as one stage costs more than the other and depending what is most done during the quarter will distort the C1 cost.
According to the way you are trying to work out the profit it would mean that during the June Quarter GRR would have lost heaps.
That is by your reasoning ie Average sale price in June qtr was AUD$87.36 /tonne but C1 price was AUD$88.
Wow GRR must be going broke if we work it out like you do.
BUT GRR made $33 million after tax for the 1/2 year. FACT
How do you explain that with your line of thinking?
Take it a step further at the end of March 2015 Grange had $144.2 million in the bank.
End of June 2015 Grange had $149.6 million in the bank. An extra $5.4 million
But according to the way you calculate it Grange would have lost a considerable amount of money.
Lets just wait and see what the next 1/2 year financials say eh.
I'm betting on $20 million profit after tax minimum.