nzak , you are not comparing apples with apples. IFE's estimated...

nzak , you are not comparing apples with apples. IFE's estimated production costs of $80- 85 p.t are high because they include all costs, including, I believe, anticipated finance costs. The only thing to be deducted to get NPAT figure is the tax and you can do that for yourself. These figures have been reported regularly over the last 12 months. I don't have time to trace back for detail (DYOR) but here is an extract from the Company Insight interview with Ian Finch on 24.10.11:
"Our financial modelling estimates we will be able to not only maintain a $50 per tonne margin but indeed increase that margin, over time, to as much as $70 per tonne. This takes into consideration an anticipated drop-off in iron ore prices which is more than compensated for by the reduction in our operating costs over that period which is due to the higher tonnages (lower unit costs) and increased efficiencies affected by strategic capital injections.
In short we anticipate making a before tax profit of $50 million in year one and doubling that amount in year two. By year three our operating profits look like being in the region of $220 to $240 million."