"Surely it’s a bit simplistic to just look at margins without...

"Surely it’s a bit simplistic to just look at margins without looking at the extra processing costs?"

The cost of producing pellets is around A$100/tonne average but does fluctuate and was higher last quarter at A$113/tonne. This is an all up cost of producing pellets.
The current price of pellets is US$285.80/t or A$370.63/t CIF China, the cost of shipping from Port Latta is allowed at US$14/t or AUD$18.16/tonne .
So lets say the price received is around A$350/t. FOB
Less the cost of production A$113/t gives a profit of A$237/tonne before tax, royalties, overheads etc.
Please show another miner on the ASX who makes A$237/tonne???

Grange produces around 2.4 million tonnes x A$237/t = A$568 million annually.
Obviously company tax, royalties, management and office overheads will take a large chunk. Although Grange management/Directors are paid a lower salary than many in the industry.
FACT