Ann: Investor Presentation , page-13

One thing we have not considered is that all of the tonnages in the WDR Qtr report are in wet metric tonnes. All payments are for dry mt. It appears that moisture content can vary from 6-9% (AGO and FMG). As conditions were wet during the quarter we could assume a 10% moisture content. This means they shipped about 250,000 dmt for revenue of A$31,616,000 which works out at A$127/dmt. Both AGO and FMG report that the average Platts 62% Fe price for the quarter was about A$135. Given that our Fe grade was 60% and silica was high I would have thought that A$127 looks about right. What I don't understand is how the final figure of A$105 was calculated.

DYOR