real cost per ton , page-5

72-76 is the cost of evertyhing right up to inside the ship (i.e. includes the cost of dumping it into the ship just before it sets sail).

Interest, depreciation, admin etc isn't included in the 72-76 per tonne.

Depreciation is effectively non cash (already paid for in capital), so not a concern at this point for GBG running out of cash. Interest isn't too high. I've used 3% on US1.783 billion. But again, KML will repay the debt fairly quickly, well the initial $1.2 billion anyway. I assume the working cap facility will continue.

I have an interest expense of AU$52m, so about AU$6.5 per tonne of magnetite at 8mtpa. Again, the interest expense should decrease as debt is repaid. However note that we are currently incurring the full interest expense, but not shipping at name plate production, so its currently a lot worse.

The real risk is now. They need to prove they are cash flow positive, shipping 8mpta mag, and can meet that debt repayment/any blowouts with cash flow.

NO MORE BLOODY RAISINGS!!!!!