opex $19.90/t - 66% fe product, page-9

So our $R per tonne calculation (revenue/tonnes)=
Average Consolidated: $136.32 R
Domestic Only: $116.83 R
Export Only: $179.68 R

Remember these figures are in Brazilan currency, so lets convert them to $AU using 1 = 1.65

Consolidated: $224.93
Domestic: $192.77
Export: $296.47

Nice work on precisely working through the numbers. I just did it quick-and-dirty style.

BUT the exchange rate conversion is wrong. The current exchange rate is AU$1 -> 1.8 Real. Or inverse 1 Real -> AU$0.55

So, Brazilian domestic price would be 117 * 0.55 = $65/t

I believe we can therefore agree the current domestic iron ore market is trading at less than the "conservative" $75 used in the study.

I'm only skeptical of the price assumption used in the study, especially when no supporting argument was provided, not the overall conclusion.