Iron ore projected exports, page-34

Not sure where you got your numbers from Maradyne.  As per the June17 Qaurterly below:
For the period Apr-Jun 2017, average C1 unit cash costs were AUD$68.50 p/dmt and realised Sales were AUD$95.30 p/dmt, (which ended being a 13.1% premium to the benchmark price).  Which doesn't sound too bad in a very low selling environment during that quarter.  Since then the prices has gone up substantially.

But as every week passes, the Chinese government is closing down more and more high polluting steel factories and the High Mag content that Karara is exporting is in "very high demand" at the moment.  So I suspect (if everything is above board) that we should probably be receiving a Premium in the order of 20%+.   The Sept17 Quarterly report will be interesting reading.

I still think that we are being taken for a ride anyway.  I just don't get how the asset can still be valued at zero.