Ann: Company & Phase 3 Expansion Update & App 3Z, page-42

I didn't realise how cheap Indian iron ore is. From the Indian Bureau of Mines for last year there was a total of 192.081 million tonnes sold for  251.3 billion INR . This gives an average sales price was 1308 INR/tonne.
1308 INR/tonne = US$18.25/tonne. or AUD$25.3/tonne
Obviously there is heaps of low grade of 55% to 58% produced getting very low prices,  even the top price for 65% grade is only 2993 INR/tonne or US$42/tonne.

What fool talked about $25 to $35/tonne profit, impossible.

NMDC produces 65.5% to 67% grade and the current price today is 3050 INR  =  US$42.50
https://www.nmdc.co.in/Products.aspx