Good to see someone who can dig a little deeper than what they are told in presentations littered with size 36 bolded blue text and "forecasts" (I can forecast FMG is going to go under) to shock and distract the reader. 23% is consistently what she's been running at.
So, (1-23%)*$47.7 = $36.7 realised price.
Ostensibly, costs are $31.5 wet: $5 margin. But again that's assuming e.g. shipping costs, C1 costs etc are at the forecast levels and lower than FY15.
But if you think capex is $2/ton, look at capital leases in those statutory accounts you brag about. Clever way to avoid it landing as 'capex' as it's a lease, but the liability is still there.
You can roll a turd in glitter, but it's still a turd
Cheers!
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