Updated to reflect prices closer to your estimate (I think domestic is always lower and the reason is that domestic bring their own trucks to the mine).
Also agree dividend policy may make a difference - let's just assume this is the valuation now based on earnings.. as those future divs would be priced in?
My u/s was that they pay for freight - but happy to be corrected on this guys? Have we heard otherwise?
TI1 Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held