merrill lynch valuation at 9.80, page-21

Great post Surfie. Lots of meat on the bone there.

Intuitively does anyone really think that these iron ore companies and the federal and state govts will pass up an opportunity for billions of dollars in revenue because a few roads have to be built or a port expanded? I dont think so for a minute. This is a once in a century opportunity.

Here's a Reuters report out just this afternoon on the outlook: -

June 26 (Reuters) - The world's steel makers may be in for
another year of hefty price rises for iron ore, thanks in large
part to China's booming industrial sector.
Analysts predict that the prices mining companies charge
steel mills for iron ore will rise as much as 20 percent in the
next shipping year starting April 1, 2008, which would mark the
sixth straight year of increases.