In simple terms that is OK, i.e., 2 cpm.
Actually it depends on where you are, whether you care about status, if there are double EQMs and if this is a deductible expense.
60000 miles + 100$ fees = 1250$ + 10,000 miles flown +/? elite bonuses and 10,000 EQMs
Assuming non elite, so no double bonuses and no worry about status for next year,
60000 - 10000 miles = 1250-100
or 50000 = 1150 = 2.2 cpm = OK value for use.
This is not a great equation, because the fees are things I PAY, while the miles flown are things I GET. This looks like you're paying the 10000 miles; they should have a minus in the first equation.
Say I have $1250 and 60,000 miles right now. I can either
A) Take the award and have $1150 and no miles.
B) Buy the ticket and have $0 and 70,000 miles.
The real tradeoff is 70000 miles or $1150, roughly 1.65 cpm. That's not great value. I wouldn't do it, because the EQM also have substantial value to me. However, if I had not much cash and didn't worry about EQM, it's not terrible either.