The crazy thing is, a few years ago when 62% Fe IO was US$140/T,...

The crazy thing is, a few years ago when 62% Fe IO was US$140/T, the AUD was $1.06.
so IO was AUD$136/T. Costs were about AUD$75/T
Margin of (136 x 0.8) - 75 = $34/T .

AGO's share price than was around +$1.80

Difference is back then we had 1 Billion shares. Now we have 9 Billion.
Even so, 9 x 1.3 cents = 11.7 cents/Share

Not to mention AGO is now producing > 50% more IO and the debt has been halved and reducing daily.

So approx. 1/20th the share price for a company that is producing 50% more IO. Go Figure!