doesnt make sense, page-37

925 Mt JORC resource at 27.2% FE.

251 Mt of FE.

When beneficiated to 68% FE that gives them 370 Mt of iron ore to sell.

370 Mt of 68% FE @ $130/tonne FOB = $48 Billion or thereabouts. Over 25 year mine life? 2 Billion revenue per year. Revenue not profit.

Now, how much is it going to cost PDY to drill, blast, mine, haul, crush, grind, separate, dry, stack, reclaim, load on train, stack, reclaim, shipload & export those tonnes??

Rio does it for approx. 45 a tonne. BHP is 48. FMG nearly 90. GBG??? Well over what they sell it for. CITIC? Forget running those numbers.

PDY???? Out in the middle of nowhere. Work it out for yourself.

No BFS. No estimate of cost to develop their mine. It will be in the billions of dollars. No metalurgical work done to verify optimal magnetite circuit. Where do they get their electricity from? Mag uses plenty. Power station and lateral from Goldfields gas pipeline will cost plenty.
Water? Again, massive amounts needed for mag circuit. The orebody is down to 400m. Well below water table. Saline?

All unanswered questions. Don't bother going through their annual reports or quarterly statements, you won't find the answers there.

But that's OK, because we've just rustled up $6.4 billion to develop a port without any foundation customers signed up, with no mine development plan in place, no funding in place for a mine, and no idea on how much the cost per tonne will be to produce any iron ore.

Yep, it's in the bag.

LOL