May 24, 2021 Report summary. Our 2020 average total cash cost of Chinese iron ore mines is US$0.5/tonne higher compared to 2019 due to higher royalties and levies because of higher iron ore prices in 2020. We expect costs to increase to US$70/tonne due to the strong RMB in 2021. Iron ore prices were stronger than expected in 2020 and again this year which