Ann: Quarterly Activities Report, page-2

Total costs $AUD80.11 per tonne for 1,903 tonnes = $AUD152.45m
excluding depreciation and amortisation, corporate administration, sale, royalties, ocean freight, interest and financing costs (My guess $56m per quarter of $224m pa)

Total income $AUD118.21 per tonne for 2,128 tonnes = $AUD251.55m

Margin $AUD 99.10m excl. depreciation etc,
YTD $AUD197.94m excl. depreciation etc,

Comments
It appears that the total cost appears to be $AUD150 per quarter and varying quantities do not appear to have much effect on total costs.

Average quoted Fe price for 66% grade (based on 62% Platts) for March quarter was $100.84 so GBG have received $AUD 17.37 premium.

Price has dropped to average $AUD90 for April - so probably receiving $AUD108 this month on sales. So margin $AUD80m for June qrtr,

Total margin for year AUD275m excl. depreciation etc,

Total projected exports on current rate for FY2017 is 7.92m tonne (down 7.3% on FY2016)