I don't think so.
The first calculation is to get from wet cost to dry cost i.e. $41 to $46 wet to dry.
The second 15% reduction is to get from IO spot at 62% grade to FMG's dry price at that grade i.e. 85% of average spot at US$74/t equals US$63/t.
That's from my understanding now.
At least FMG quote their selling price without us having to do that calculation.
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