Ann: Farm-In & JV Agreement and Cooperation on Ophthalmia Project, page-46

BCK doesn't have 2 billion tonnes of FE at 65%. Its Marillana resource is about 1.6 billion tonnes FE at around 42%. With beneficiation - the final saleable product amounts to about 440 million tonnes at just over 61%. Opthalmia has about 370 million tonnes at about 61%. Don't just read the headline amount of total ore, you need to look to see what is the final amount and quality of ore that can be sold. The positive for Marillana is that its ore is 'free dig', it doesn't require expensive blasting to extract the ore. BCK provided some reports a few years back that found Marillana's mining costs would fall into the lowest 25%.