Iron ore price, page-32178

About half that actually.

the break even point is in the $30’s.

but every $1 that the bench mark price is above our break even does not equal $1 of profit, because from that $1 additional costs are incurred.

eg, out of that $1 of gross profit, we have to pay an additional costs that are based on percentages such as royalties, moisture discounts, grade discounts and taxes.

as a rough rule of thumb, I deduct the estimated break even cost of $35 from the bench mark price, which gives you the gross profit you were referring to, then you divid that gross profit in half to give you an estimate of what the actual free cashflow will be.