Also, excellent management, couldn't find a single wrong move. Have done a great job in their refinancing (sub 5%), and have strong bank support should they need it for the expansion. The expansion seem methodical and well planned out without going all-in-too soon. The senior management relationship with Glencore also tips off that this could be a buy-out scenario if Iron Ore goes nuts again. Glencore need an Iron Ore Asset and this is long life and could be 5x capacity with the capital backing it. The only thing I don't like about it is the shipping disadvantage, and shipping could get more costly with new bunker regulations.
Compelling case due to previous spend on phase 2, page-6
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