Pellet Price, page-247

From a 2012 presentation re Southdown proposal.

	Column 1
0	• $150 million spent to date - an advanced project!!
1	• JORC mineral resources of over 1.2 billion tonnes at 34.1% DTR
2	• Ore reserves of 397 million tonnes at 35.69% DTR.
3	• DFS mine life of 14 years within the current permitted area.
4	• NPV10% of A$1,008 million and an ungeared IRR of 16.6%.
5	• Total resource indicates a potential mine life >30 years.
6	• Capex is estimated at A$2.885 billion including EPCM, owners’ costs and contingency of A$0.535 billion.
7	• Operating costs estimate of A$58.5 per tonne of concentrate
8	• Initial production forecast for 2015;