the game afoot., page-34

Actually $82 million has been spent on exploration, $43 million was transferred to development in 2012. Hoot's I challenge you to find me a BFS that includes exploration in their pre production capex. Also you have left out money needed for working capital.

There are also methods of getting the product to port without the large capex but it will be cheaper in the long run to have our own. Sandfire trucks their product to port and doesn't have a conventional ship loader but the costs are higher this way. Ernest Henry used Ostijic's rail spur to get their magnetite to port but using contract facilities is also more expensive in the long run.