If only it were that simple. Iron Hill has a low grade (total...

If only it were that simple. Iron Hill has a low grade (total resource is 58.3% Fe, but some of that is higher grade at 60.5%) and is high silica (8.35 - 8.65%), so it wont be attracting anything like US$101.60 (where did you get this from, btw?). That's just plain ramping suggesting otherwise.

Having said that, the IOP is looking pretty healthy, so MGX's take will increase from last year's average of US$40/t. The last quarterly shows a lump grade of 61.6% Fe at a cash cost of $53/wmt. This is somewhat higher than usual because of the ramp up in inventory; MGX claim an adjusted cost of $42/wmt excluding inventory costs. The fines from IH are 59% Fe but with a significant amount of 50-55% Fe material stockpiled. It would be interesting to see their sensitivities, but we never will, of course.