Ann: Smelter Arrival Update, page-31

IMO
That is very misleading information.

GMC obviously have all associated costs involved in their specific smelting process included in their projections including the purchase of FeSi.
Maybe re read through the figures in the investor presentation.
Or if you want there is also a great description in Peter Strachan's recent report.

In order to succeed some people simply build a better building whilst others try to tear down that of their competition.

Goodluck!!!