Ocean have released (to institutions) an update on UMC - they value the shares as follows:
Iron ore $2.80 p/sh
Total $2.93 p/sh giving bauxite just 2% of the total
Base case at 4 mtpa production and access to markets $7.90 p/sh
They state "UMC has been transforming from a pure exploration company into having the largest high grade hematite resource in the Pilbara outside of the majors"