GRR uses the metal index for pellet prices (MBIOI-PT), which is US $168.75 this week. GRR sells to Shagang at FOB, whereas the $168.75/tonne is CFR (seller pays shipping). So this figure would be reduced by shipping cost and GRR would not have a shipping expense item. The metals index shipping estimate is about $8/tonne from Dampier to China (I think). There is also the currency exchange rate adjustment to consider.
So overall, yes, my estimate is that the current margin of revenue from cash cost is about $50/tonne. Of course, there is also capes, exploration, heads office and other costs beyond cash costs, but these seem to be quite low in GRR financials, I recall, or there are some additional (tax?) credits that offset some of these costs.
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