If you listen carefully Ian Finch says that they took off the sea freight costs to get the FOB sales price and costs. Can't get any clearer than that. It seems he thought that would make it easier for the market to understand what the margin was, ie all the numbers given on a FOB basis without having to deduct the sea freight cost. Obviously has created massive confusion.
Ann: IFE Brisbane Mining 2010 Presentation , page-62
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