Ignoring Anglo's EBIT, if you divide their sales production by their gross revenue for niobium, you get a sale price for Anglos' Niobium of circa $22/kg in 2015. This is a lot lower than the figures for 2014. If you then assume Cradle would be selling it for roughly the same price as Anglo, Cradle would only break even, given Cradles all in cost to produce is $22/kg. Not trying to down ramp, just seems like a large drop from the 2014 to 2015 figures.
Ignoring Anglo's EBIT, if you divide their sales production by...
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