Tokyo You missed the best bit - see attachment below - if KI...

Tokyo

You missed the best bit - see attachment below - if KI eventuates, MGX has a got a very good business case on its hands.

With IO at US$58 a tonne, KI ore being a premium should get over $60 or margins of around US$25/AUD$32 if we use macquaries cost estimate of US$35 a tonne.  

15 million tonnes @ 32 is around $480 million less $90 million start up leaves almost $400 million before discount for present value. That's another 35 cents on top of the 40 cents MGX has now plus 5.5 cents in franking credits - this stock is way too cheap - I don't know why FMG don't take it over - they could a knock a chunk of their debt while picking up a decent little project and plenty of equipment for nothing.