Stagman,FOB sales means the international buyer pays for the...

Stagman,

FOB sales means the international buyer pays for the shipping.
That is why he quotes $110-125 FOB rather than $145 to $160 which is the current CIF iron ore prices depending on %grades etc.

The buyer will pay more or less depending on which vessel they use. Current study is based for 25-35,000 tonne ships but Ian is looking at 75,000 tonne option early which is part of the delay in DFS. Also in a year or so 150,000 tonne option should be available.

No matter what, the cash costs to get it to port will not change and remain between $55-75. These costs have no inclusion of shipping freight costs.

That is why he uses $35-55 cash profit margins.

I hope this helps.