Can We Move On, page-193

http://www.tngltd.com.au/images/tngltd---eerie.pdf

While we're throwing this around - here's the original FeV scoping study that Snowden complied back in 2011 (the same year that METS and TNG lodged the first TIVAN patent). This was obviously well before the Woojin BoA and associated tech sharing agreement. 

METS' earlier SS assumed 4700 tonnes per annum of FeV from a 2Mtpa operation so using current production figures and ignoring all optimisation and the numbers get pretty damn close to your $26B. 

Years 1-4 (3Mtpa) @ 7050t PA = 7,050,000kg @ US$109.50/kg = $0.77B per annum

Years 5-17 (6Mtpa) @14100t PA = 14,100,000kg  @ US$109.50/kg = $1.54B per annum 

So LOM value of a dedicated FeV strategy would be in the vicinity of $23B 

Now either our friend Paul Volant has used a VERY old slide for his presentation or the game plan has changed. If the plan has indeed changed then at least we know that SMS will have absolutely no problems helping us out with a simple electric arc furnace - KfW/ECA funded too!.

Here's a snippet from the old announcement linked above.... (note the relatively low CAPEX and OPEX)

If PV hasn't messed his presentation then confirmation from the company and a revised, revised DFS would really put this project on everyones radar. The numbers would be massive using even conservative commodity pricing.