I think you're both right, one is useful for calculating dividends, the other is useful to see at what stage we become profitable.
We have mining costs of $34 + sustaining capex of about $6. (things like FFI & Admin can be stripped right back. FX loss doesnt really count)
So if IO collapsed and we have a break even cost of about $40
Dividends are all about NPAT which takes into account a lot more, like D&A, Tax etc
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