Can anyone explain the difference between the revenue for Manganese in South 32 Annual report versus the one I calculate?
My calculation
=3372000*5.29*100*0.44
3372000 is the wet metric tonnes produced
5.29 is the US$dmtu (dry metric tonnes)
100 is the number of 10kg that make up one tonne since dmtu is measured in 10kg units
0.44 is the Manganese grade
However I get 784M USD and not 848M USD
Trying to do my own valuation of South32 biz, but this is getting confusing. As you see, I'm out by a factor of 8%
Update: Adding the notes at the bottom of the page:
Just a thought, but could use the shipping price indexes as a base to model future costs.
Recent annual manganese production was about the same as previous year yet the cost did spike up from around 60m to 96m
Anyway it may be too much effort for me right now. I've got several different sheets in Excel to value each business. And Aluminium is most confusing since it is not a finite resource in the ground. Plus I'm not sure how much bauxite from Worsley and MRN is reserved for Hillside, Mozal and Alumar.
