a bit long - but worth a read : iron ore wrap, page-4

GIR has an interesting chart on this metric in current presentations and GWR is one of few who appear cheaper. Obviously in iron ore there's a lot more to it than $/tonne but interesting nonetheless. Showing a realistic logistical path to market increases valuations dramatically. It seems a better investment than drilling to increase your resource beyond a certain point.

Not sure about GWR in this respect. Great quality ore but difficult to see the strategy, especially with so much intrigue going on within the register.