Pilbara to double and triple down, where will the money come from?, page-31

Stage 3 won't come online til 2021. if you look at the other table is shows the sensitive around price and exchange rate. PLS are predicting a $700/t price over the first five years and if you went with the consensus the AU is heading for 65 significantly increasing the return on the AU basis.

Regardless the point I am making is that the company just made a announcement not based on $650 but higher returns increasing as the years go on. To make an assumption in the opposite of the companies announcement without basis you'd want to be putting a big disclaimer around that or explaining your position.