The valuation really is quite moot if for no reason than...

The valuation really is quite moot if for no reason than ultimately it's market value which factors in everything. But the revaluation history I think does tell me more about the directors than the valuation itself.

The devaluations were attributed to the Savage River CGU exclusively and totalled around A$580m between FY2014($296M) and FY2015($284M). The driver then cited was predominantly forward view of the iron ore prices US$55/t in 2016 increasing to US$75/t in 2022. I think those forecasts might be a little dated. After the devaluations there was effectively zot left in the balance sheet beyond cash and receivables. Mining property investment was I think basically early works re STDSF. This created a lovely platform where director could boast extraordinary ROI's amongst their peers...

If your bored, look at the annual report 2015 (notes 30) and 2014 annual report (note 26)... stunning! Market clobbered them then in terms of market cap and it has never got off the canvas since. A shame really ...