hang on - - i thought that LUMP ORE price is the spot price for the lump ore at say 90USD
For LUMP ORE , you dont multiply the spot price by the grade of the ore! (??)......i.e if the lump ore spot price is 90USD, thats what you get for the dirt (the ore) which contains the highest RIO style grades!
thus if they sold 2mill tonnes of 60%+ grade ore, theyll get 90USD for the ore (the dirt) with an iron content of 60%+
the lump ore spot price is the price you get for the highest quality ore (the dirt or ore with a 60%+ iron content)
you dont multiply the GRADE by the spot price. the price is NOT for the IRON CONTENT! Its for the ORE (the dirt and its quality)
We've had this discussion b4 on the BRM thread a year ago
Am i right?
investor presentation, page-16
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