ann 28.7.08. 1.3 billion tonne, page-19

A 50% increase in the output of a very large project has to do something to the stock price. At 15 million tonnes a year if they make $30/tonne its a nice little earn of $450 million per annum. If they make $20/tonne its is still $300 million a year for a bloody long time.

A healthy percentage of this looks good if a JV is formed.

That's a fairly comfortable position against the current market cap with a host of other projects and prospects to boot.