please explain ?, page-8

Good post Tweetie. I did some calculations myself and got the following for H1 FY2013:

Sales: 13,752t nickel metal
Sales Revenue:$158.963M
Revenue/tonne Ni: $11,559
Average Ni price:$16664
Note: revenue/tonne represents only 69% of average Ni price. This suggests that Jinchuan contract price is nor overly attractive.
Stated Cash Costs: $2.69/lb ($5928/t)
NPAT: $2.1M
Cash costs/revenue per tonne = 51%

Compare that with Mincor (MCR)
Sales: 4516t nickel metal
Sales Revenue: $55.527M
Revenue/tonne Ni: $12,295 (73% of average Ni price)
Stated cash costs: $5.07/lb ($11,174/t)
NPAT: -$2.2M
Cash costs/revenue per tonne = 91%

What I find hard to reconcile is the disparity in NPAT and cash costs between the companies. Some of that would be due to interest (MCR is carrying no debt) but something does not add up. Some of the disparity might be due to the definition of "cash costs".