BGD still need to get their hands on some iron ore. Access to iron ore is critical to the project's business model. It was an important issue for ABS and I suspect that its a critical issue for the Chinese as well.
I'm sure that BGD have got their eye on Eastern Iron (EFE). EFE have just commenced a drilling program at their Eulogie deposit near Gladstone. Results aren't due until August, but if EFE can prove up a resource, and if BGD can get their hands on it, this might make the economics of the Gladstone project compelling.
Without local iron ore, I'm not sure that the economics of the project will stack up.
BGD Price at posting:
8.0¢ Sentiment: None Disclosure: Not Held
