Why have you removed the shipping cost and treated the loaded cost as a realised surplus cash flow?, re below quote from Arrium on the public record suggests that they are paying for shipping.
Quote; 'loading larger cape vessels has ultimately allowed Arrium Mining to load the same tonnage of iron ore into fewer vessels, thereby helping to reduce sea freight and saving the company money'
Forget about the last 5-6 months, the past is the past is the past, It's the future shippings and possible losses from that if the record low ore prices continue. i.e The last Quarterly Report states that Arriums Targeted F16 'BREAKEVEN' cost is $US47 'A Dry Metric Tonne', the spot price is now what ? circa $US42 ish, and that's before you downgrade that for lower iron and moisture content % etc, so I'm really really hoping that Arrium have excelled over and above in achieving their stated breakeven aim.
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