Magnetite V's Haematite, page-14

I apologise for not responding. I didn't even read this until you reminded me of it.

Magnetite.

The CAPEX of any new mine is high. IRD are no exception to this. $4.5b...

IO price $60 per tonne..
Operating costs for a magnetite mine $90+ per tonne.
It's not complicated. You can't make the numbers work, no matter how much you wave the magic wand...
Can you imagine trying to operate a magnetite mine when the IO price is $30 or $40..

So you are right. It's simple maths...

I have yet to see IRD's business model. They should do one and benchmark it against other magnetite mines in Australia with regards to operating costs.