Earnings and cash flow impacted by ~40% fall in average market prices pcp
• Driver of ~$600 million reduction in EBITDA
• Average realised price US$59/dmt CFR, down 47% from US$111/dmt
• Average AUD realised price $70/dmt
• Average Fe grade 59.5%
• Sales mix ~70% fines, ~30% lump
Continued strong operational performance
• Export sales 12.5Mt
• Average loaded cash cost2 A$45.7/wmt, down from $48.2/wmt FY14
• June 15 average loaded cash cost down to A$38/wmt
Mining restructure
• FY16 target loaded cash cost ~A$35/wmt (US$25/wmt)1
• FY16 A$6/t (US$4/t) capex – $320 million reduction in capital plan FY16-19
• Revised sales plan, FY16 9 –10Mt
FY15