Yep As per @frankycc on the FMG thread MB65 is currently...

Yep

As per @frankycc on the FMG thread MB65 is currently $US101.6 or around 125 AUD assuming an FX rate of 80 cents.

That would on average give a margin of AUD$75 on KI premium ore or close to a billion just for the 13 million tonnes already earmarked to be mined - if the other 7 million tonnes is mined then that will add another $500 million.  All up that would value MGX around $2 billion (with the $500 million cash) before derisking.

Management have been way too conservative using $US55 for their assumption - the margin at this price is very small (say 10-15 AUD) when in actual fact it could have been much higher. They seem to want to keep MGX under the radar - maybe it's what their major shareholder wants - lets hope someone can do something about this.

The other factor flying under the radar is that Iron Hill output is over 50% lump - as per @frankycc and @defabs in the AGO and FMG threads there is a very healthy premium for lump at the moment (since July actually)  - I'm guessing MGX could be making AUD20-30 a tonne - so MGX should be making good margins on Iron Hill at the moment - with any luck they should be making enough to fund the ongoing capex on KI so that our cash balance doesn't diminish.

Beggars belief that MGX still trades below cash on this basis - I don't know what it will take to change this.

GLTA/IMHO