All good JB; Yes, $100 m per year for head office costsBelow is...

All good JB; Yes, $100 m per year for head office costs

Below is total model

1		Onslow Iron ore price US $		65	70	75	80	85	90	95	100	105
2		Onslow mining		330	445	560	675	790	905	1020	1135	1250
3		Mining services		1136	1136	1136	1136	1136	1136	1136	1136	1136
4
5		other iron ore		-2	-2	-2	-2	-2	-2	-2	-2	-2
6		lithium		-28	-28	-28	-28	-28	-28	-28	-28	-28
7		capex		-300	-300	-300	-300	-300	-300	-300	-300	-300
8		toll rd distn		-166	-166	-166	-166	-166	-166	-166	-166	-166
9		leases		-160	-160	-160	-160	-160	-160	-160	-160	-160
10		corporate		-100	-100	-100	-100	-100	-100	-100	-100	-100
11		interest		-400	-400	-400	-400	-400	-400	-400	-400	-400
12
13		total		310	425	540	655	770	885	1000	1115	1230
14
15			share price	$22.05		shares	194.4		mkt cap	$4,287
16		mkt cap		4287	4287	4287	4287	4287	4287	4287	4287	4287
17
18		free cash flow P/e		13.8	10.1	7.9	6.5	5.6	4.8	4.3	3.8	3.5
19
20		Post tax P/E		19.8	14.4	11.3	9.3	8.0	6.9	6.1	5.5	5.0
21
22		Us S iron ore		65	70	75	80	85	90	95	100	105
23		Increase ebitda at 50 m tonnes		141	191	240	289	339	388	437	486	536
24		increase in MS edbitda		223	223	223	223	223	223	223	223	223
25		Total		675	839	1003	1168	1332	1496	1661	1825	1989
26
27		free cash flow P/E		6.4	5.1	4.3	3.7	3.2	2.9	2.6	2.3	2.2
28		post tax FCF P/E		9.1	7.3	6.1	5.2	4.6	4.1	3.7	3.4	3.1
29