Something that seems to be ignored (I suspect by design from...

Something that seems to be ignored (I suspect by design from IOH)is the material quality of their ore. The Phos levels are very high (well out of spec) which will lead to a significant discount to price. A 15% discount or greater is highly likely which if the 62% index is hovering around $110, puts revenue per tonne possibly below $90 and will make life very difficult. For instance, today's TSI FOB (optimistic) netback for 62% Fe is $127.04/t. Discount that for 57% Fe and remove $15/t leaving $112. Take a further 15% off for deletarious elements and you are around the $95/t revenue today and thats using the 62% Fe index, not the 58% index which is what their material will be priced on. Add the forecast price drop and this project will be in a world of hurt.