Ann: Quarterly Activities Report, page-4

The realized price for the lump (no fines sold during the quarter) was US$40/dmt or circa A$53.33/dmt (fob). Add about US$8/t freight and the all up CFR cost is circa A$64/dmt (freight will be on a wmt basis - typically about 8% moisture, so freight component may be higher).

With a production cost of A$63/wmt fob, why would you commit more capital to production capacity?

The only real unknown is how low grade their low grade sales was. The margin on MGX's "normal grade' is probably higher, but their low grade material loses money. The other unknown is whether that low grade material had to be mined anyway, so ANY return on it is a good thing.

Not a very transparent report.