We are only hedged for the first 6-9 months though. Look at...

We are only hedged for the first 6-9 months though. Look at similar companies already mining and you can get an idea of what their back end costs are and then roughly add that on to our estimated c1 cost of $60-70/ tonne.

Obviously my $2 share price target would require the I/o price to hold up, and while most analysts say it won't opinion is changing. A sustained high price will bring investors back onto iron ore miners increasing our value further.

I am not saying it will happen, I'm saying there is a realistic chance of it happening. I can't see us closing 2014 out at under $1.30, so $1.50 is my best guess target. Analysts expect net profit of $90 million in fy2015 given an iron ore price of sub $120/tonne, that would value us at well over a dollar applying a p/e of 7+.