The issue is the level of debt.
We have not been provided with the interest KML is paying but with $US2.564b debt (as per my earlier post), even at 5% the interest is $US125m pa. That's about $US15 /tonne ($AUD20) interest cost without any repayment amount included.
KML is still losing money at the cost base and sale price.
Iron ore projected exports, page-35
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