valuation, page-29

The deal is good considering the tough position FWL finds itself in, a deal worth around double the current market cap is a decent outcome imo. 50% of a project with a chance of going forward is better than 100% of nothing.

It is very difficult to compare most iron ore companies as a valuation ignores other non IO projects that the company has but they are good to be used as a guide as to what future share prices might be attainable on the road to production. 20c/ton seems to be around the price for projects well advanced before the GFC. Post GFC and there are a number of companies trading at less than 10c/ton.