1. The term "cost of production" is defined differently by different people. Are interest costs included? Are drillling costs to increase and replenlish extracted ore included? Or depreciation costs? Or costs associated with the one-off repairs? Or temporary maintenance shutdown? Or costs related to owned infrastructure vs accesssing 3rd party infrastructure etc...
2. FMG is expanding production while trying hard to reduce costs. So the cost of production is not a static number. Even if you just take last quarter's total cost divided by total production, you still won't get the "perfect" picture as both terms are constantly changing.
3. I read that UBS (or Macquarie) said that FMG is underwater as of today.
Perhaps the mods could move this to the FMG thread?