They are slightly ahead of their original 2016 FY cost forecasts. Sep QTR cash breakeven was US$38 and they are aiming for US$36 by June 2016. Always add US$8.50 D&A for a net profit breakeven since their gear is new and they are loading a high D&A charge. October is in the bag with a $52.74 average platts price (thanks rcman) so from October should have another US$100 million cash in the bank (after paying the recent dividend). Hopefully they have bought back some more debt in the last month at a discount. At US$48.00 they are only making a few dollars per ton Net Profit but operating cash flow is still good and at this price level kiss goodbye to most producers outside BHP, RIO, FMG and Vale.
IMO DYOR
Iron Ore Price, page-2646
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