high iron ore prices = fwl projects bigbucks, page-3

last fwl ann. said mpi US$430/t. this apparently is above what they need for a good project long term according to earlier ann's. i am not an expert but they say cash cost $275 (US$ or $A?) so $155 gross prof less say 55 for int and debt repay means say $70Mpa after tax. if you say 350M shares on issue after equity to build plant = 20cps x say 15 p/e ratio = $3.00/share and thats without any dso or selling concentrated magnetite as they are reviewing according to ann. in april. that is way away from 8 cents. fwl sp has been punished becuae they havn't done a deal for a partner when most others have and so risk is high BUT if they do a deal the upside is huge. if fwl could get going on its projects with partners in place then the sp should at least equal the value of the iron ore they own. 550Mt x $0.10/ton (guess) = $55M / 80M shares = 68cps. can't work out if $0.10/t is fair or not but most magnetite deals i can find seem more like 40 to 60 cents per ton. so with fwl lower grade 10 cents should be ok??