sorry that should have said....

So if IO spot price lump is 107USD, thats 107USD * 1.15 =123 aud/tonne

NOW WE NEED TO TAKE THE 'GRADE' OF IRON CONTENT OFF THE SPOT PRICE??? IT SEEMS?

I.E 123AUD * 60% grade on avg = 74AUD per tonne

Now 74AUD - 55AUD costs = apprx 20 AUD per tonne

YEP , thats sounds right to me .

At 2mill tonnes per year, we're looking at 40mill revenue

Assume 120mill shares + options and we get :about 33 cents per share.

that sounds more like it.

Am i right or wrong re pricing and taking the iron content off the spot price??