Mole, the spot benchmark (62FE) is hovering around $66 at the...

Mole, the spot benchmark (62FE) is hovering around $66 at the moment. But you have not added in the extra premium that is realised for the 65.5% CFR. As per latest report Karara received premium of 17.4% over the benchmark price.

So using last quarter's premium as a guide: $66.60 per DMT x 17.4% = US$78.18. (or AU$104.47 on today exchange rate).

Mind you, as I have stated on this forum on various occasions, with China progressively shutting down high polluting mines and resorting to higher grade ore for their steel making, I expect that premium to stretch in our favour from quarter to quarter.