re: Ann: Chinese Mining Fund Signs MoU for St... I'm disappointed by this. IFE now have only 30% of Stage One instead of 80% just to raise a piddly $35M which is the margin on only 700,000 tonnes of Iron-ore. This $35M was supposed to be contractor funded. The only saving grace is that maybe the margin will be greater if it is self-mined rather than contractor mined.
Once again the Chinese win. For $35M they get 50% of at least 6Mt of DSO (2mtpa x 3 years) for a margin of at least $90M (their share 3Mt x $30/t) allowing an average margin of $30/t over the next 3 years.
TRF are unscathed by this, retaining their 20% share of the JV.
IFE have given away 62.% of their JV share (50% of the 80%)...what are Finch & Co smoking????
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