yeah, so i've plugged in the formulas till i got a gross profit of zero. (Costs look a little different as I'm using DMT not WMT here. )
- $15.35 C1 (WMT $14)
- $8 Shipping (this is complicated because we earn about as much as we spend on shipping, but its not included in C1, it basically cancels out revenue v cost changes
)
- $1.65 Royalty (yes, i use a 7.3% rate of iron or revenue, not total revenue such as shipping. So royalties should be about $272 @ $31 DMT, which is less than the $446 in 2016)
- $1 Admin & other
- $1 Finance (if we paid off all debt instead of dividends this would be $0)
- $4 sustaining capex (one could arguably bring this down to less)
- =$31 breakeven realised DMT
- =$39 Patts 62% of @ 20% discount.
Things will improve next financial year with Eliwana & IB of course
I can't understand why cost of shipping should reduce?
Shipping was a lot cheaper in FY16 due to global pricing & we shipped a little less.
We have to use 2021 prices for planning IMO.$781 vs $1333 = $3.35/dmt difference
Iron ore price, page-41825
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