Margins at $25 to $30 you have to be absolutely crazy to dream...

Margins at $25 to $30 you have to be absolutely crazy to dream like that. Unless the product is 63- 64% which would cost a fortune to produce from the low 30% feed grade.
Don't you think every Indian miner would install the same plant for $10 million if they could produce high grade from 30% grade crap ore.
The likelihood is 58-59% maybe 60% grade which is still low grade ore and the cost of producing plus beneficiation would cost more than the sales price. The current sales price is "the price for 58% fines which settled at $36.70 a tonne"
How do you plan to make money.
IF and a big IF, IOR made $5/tonne they'll be lucky. On 400,000 tonnes = $2 million
Hardly enough to pay the interest which is actually 15% rather than 10% when you add the $1 million extra repayment amount.
https://www.*.com.au/iron-ore-price...restrictions-china-2018-7#0euxC6RsFIqPmQvD.99