CIA vs FMG - EBITDA comparison, page-4

Not going to compare with FMG again but a quick update on EBITDA for CIA as we near one third of total year production of around 7.5mtpa.

Bloom lake ore still steady at US$97 per tonne CFR China but I'll use US$95/t for this exercise

Shipping costs remain elevated with a capsize shipment from Sept-Iles to China around US$28/t as yo can see in this link relating to an upcoming shipment for IOC (Rio Tinto)

'Oldendorff Newcastlemax' 190000/10 Seven Islands /China 02/08 Aug approx $28.00 fio 30000shinc/30000shinc - Rio Tinto - ​

https://lloydslist.maritimeintellig...mo-market-data/drycargo/drybulkfixturespage-d

Using these figures then all in costs (including shipping) for CIA currently at high US$50's but I'll call it US$60 CFR China.

This gives a Bloom Lake (QIO) profit margin of around US$35 per tonne

CIA owns 63.2% of QIO which equals US$22 per tonne profit

Extend this to a full years production of 7.5 million tonnes which equals US$165 million.

US$165 million is AUD$222 million

With CIA's MC currently AUD$574 million, this equates to a market cap at only 2.6 times EBITDA.

You won't find too many of those on the ASX.

Lets see what the quarterly figures show?

.