another article regarding taifeng group, page-10

Joker, what exactly do you mean by that?
You mean the valuation of 1,20 A$ a share coming from the PWC report is still too low (might be, because it is just a valuation per share of the present in-situ quantity of Fe) versus discounting the future free cashflow (for instance 20 years 100 mln A$/year) at 8 or 10% ??

If we are in 2015 with 1 mtpa at 500 US$/tonne and OPEX of say 380 mln A$ it gives 120 mln cashflow....
Then ofcoarse the repayment of a debtloan facility, but even then a PE of 8 or 10 will be much higher than the 1,20 A$ from the PWC benchmark...

Not to mention the much cheaper OPEX due to the far more favorite ore/waste ratio from the scoping study..

Or is this not what you mean??

regards, klmarc