Is anyone here actually in the know with iron ore? This is not DSO stuff, it needs processing (you go through a fairly intensive process to upgrade ore) first as its magnetite. During the iron ore boom (and iron ore was over $100/t for a long time) there were zero magnetite mines that actually made it to production (and there were many on the table with funding from Chinese with deep pockets), and those that were already in production struggled due to the substantially higher costs associated with magnetite ore. If this project ever gets up it will be a miracle. Have you ever wondered why the big boys don't ever play with magnetite? You might as well buy FMG which is trading on a PE of 6x earnings.
IRD Price at posting:
21.5¢ Sentiment: None Disclosure: Not Held
