numbers questions from a newbie, page-9

Let's start from your $49 margin to JV.

Pluton,as manager of the JV, will charge the JV a management fee of $5 per tonne of ore delivered.
The management fee will constitute JV expenditure.

So, $49 -5 = $44
This equals $22/tonne each ( unfortunately not the $29.50)

Do you add the $5 tonne back into to the $22?
I wouldn't as it is supposed to be a legitimate cost of "managing" the JV.( anything not truly used up is a bonus)

So $22million less $6 million admin per year = $16 million.

In the first year that will go into seawall and other capex for Cockatoo.
That's why I posted the other day that 25 cents is a fair price regardless of the fact we have shipped our first load.