Even lower iron ore miner breakevens!

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From UBS:

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When you remove interest costs, UBS actually has FMG below Vale now, though not sustain ably given one is bringing on vast quantities of super cheap new ore while the other is busy burning through its cheapest ore via high-grading.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.