current price/T@ 62% is $190however, for worst case...

current price/T@ 62% is $190

however, for worst case scenario:

projected minimum LT price/T @ 62%Fe $90
projected maximum cost/T $50

minimum margin/T $40
minimum production rate 1.5mTpa

= $60m pa profit before tax


also worth noting current EV/T on the West Pit alone now stands at 23c. add the other 88mT global resource and it drops down to 10c/T

this compares favourably with our closest peer, IFE, at around 50c/T, and way below the current average of 90c/T.

(peer figures can be sourced here
http://www.fostock.com.au/talkingpoint/FMS110121.pdf)