Ann: Ports WA Biennial Conference - Presentation, page-16

Don't know what you guys are on about....and not sure why you're trying to make it more difficult than it should be. This is the extract from the cover letter on p.1 of the presentation:
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It clearly states that "Magnetite Unit Cost" means the average quarterly cash cost for the production of a Magnetite WMT.  It also clearly states what is in the calculation and what is out of the calculation.
End of story.

The way I see it (AU$ fluctuations aside), this is a remarkable achievement to what looks like a sub $50 quarterly cash cost.  Now as we know that magnetite attracts a premium (20% or more) to the usual Pilbara stuff which at the moment is trading a spot price of around the $50 mark.  So maybe, just maybe we might be close to breaking even...and that's even at these ridiculous low spot prices.

Also, assuming that we're talking financial year periods (which is the norm), the Q2 2015 column is the cash costs for the period ending 31 Dec 2014.  Love to see an updated chart for Q3 and Q4.  We may get some further good news in the Quarterly report due by end of July.