Not bad News,But Price Gone down,Why?, page-49

Couldn't agree more.

ARI iron ore mining break even point is US$50.2/t IO62%. Even at current spot of US$66/t, Ari 9Mt, can generate $155m EBITDA. Should generate positive cash flow after capex.
If spot recovers to US$80/t, mining will generate $288m EBITDA.

Plus

Consumables, steel & recycling, generating EBITDA of approx. $336m - $356m p.a

Overall, ARI can generate EBITDA between $491m - $644m p.a.

Break even calculation:
$70.2 x (1-20%) cost reduction x 0.79 AUD / 0.88 (quality adjustment to spot price) = US$50.2/ton