The capital intensity figure comes about by dividing the total...

The capital intensity figure comes about by dividing the total CAPEX cost by the production volume p/a.

So for SDL, the calculation is;

$4.68Bn / 35mtpa = $134p/t.

A capital intensity of $134p/t isn't too bad.

It has nothing to do with the OPEX figure.


bouhr,

I think you may be on the right track discussing the possibility of further increases to that OPEX figure, especially with your mentioning of port and rail costs. IMO if the port/rail infrastructure is owned and operated 100% independent of SDL, the company will likely have to pay commercial haulage rates.

You only have to look at westcott's previous post outlining the independent OPEX of $22.50p/t where it specifically states "Operating costs in Stage One on an owner operator basis." If SDL is then not owner operator of the port and rail, the OPEX will be higher.