buddy, page-36

Ok then,

Olympic Dam,

Cerro Colorado,

Antamina,

Cannington,

Worsley,

Samancor,

Yabulu,

All of these are individually worth more than a rail line.

FMG is targetting 40Mt of average grade ore. This is one 10th of BHP pilbara operations when grade is considered.

So if 1/3rd of BHP's MC is iron ore FMG should be 1/9th - mnus debt minus interest repayments minus a risk premium.

Buying at current prices is so hard to justify that other stocks must be looked at prior; and if stock is held it must be sold.

If FMG is under priced then BHP is the bargain if the century without the RIO takeover and the bargain of all time with the RIO takeover.