Ann: GRR - Quarterly Report for 3 months ended 30 September 2017, page-39

Guys another way of looking at IO cost curve and how our company compares is this:

Iron ore fines big 4 producers have cash costs of around 16 USD per ton including shipping. They receive 80% of the plats price which at 60 USD CFR this is a discount of 12 USD. So their total cost is 28 USD per ton.

Grange receives a premium of at least 45 USD (its 60 now but lets say that's a bit too much). We deduct 15 USD for shipping, this is a net premium of 30 USD.

Current cash costs at around 82 AUD or 65 USD . Thus the comparable cost is 35 USD which compares very favourably with the 28 USD figure of the ultra low cost big boys

Of course one could make the argument that Grange is better than this as we have no interest costs (all big 4 have debts which adds at least another 2 USD to current cash costs) have much shorter mine lives so they need to spend on exploration (we do not and in fact we haven't spent a penny on exploration during the last 3 years).
So Grange is actually not as a high cost producer as it looks. And additionally we have a war chest of cash compared to debts of the big 4 (manageable I am not saying but still debts!)

So do enjoy the ride please!