RE:The failed iron-ore deal with ChinaClipper2 wrote: It was extremely fortunate for the Chinese steel company (which had a deal in place to purchase iron-ore from Largo) to find sodium in the iron-ore, as it enabled them to purchase the material for $7 per tonne. (When the price of iron-ore at the time was over $200.
We sold 14,000 T of iron ore to the Chinese @ $7 per tonne?
US$7 x 14,000 = US$98,000 in total sales revenue?
According to the Q2 Financial Reports the margin on Iron ore sales = US$84,000 thus they were making $6 / tonne in profit margin. Pity.
The lack of transparency prevents us to know the sales price and the costs of good sold related to iron ore. They only tell us the "margin". So sneaky.
In any way the sales prices had to be extremely low.