Chart, page-222

The market cap will be interesting to determine over the next few months. If the Fe price stays where it is now ($A200/t 62% Fe) and the predicted costs ($A110/t) are achieved that is almost $A5M clear for every 55kt Panamax cargo. If they can knock out 2 per month from end of January...well you can do the math. If the Fe price goes anywhere near the $US190/t high it hit before and the quality can get near 65% Fe price then the SP appreciation from here could be ballistic. Remember no grubby off-taker or bank or PE fund to pay back. Given the other opportunities in the Mid West this is a good cash flow to have to expand or give it back to share holders which is also OK by me.