what would you accept as a fair value, page-12

That is true DSO is low cost CAPEX (good for start ups), however how big is a DSO mine? May cost tens of millions to set up a DSO mine for few mT, and if you add all the CAPEX cost for a 2BT DSO, it adds up for a fair ammount. Spending 100's of million to set up for magnetite mine may be more economical in the long run. In addition there a steel mills that require magnettite pallets to produce. So why not be in both markets (DSO and magnetite)? Especially in a bear market...