Beaten down and cashed up, page-13

What do you chaps think of this? I tried to compare the numbers in the PFS (which are based on 5 year averages or contracts at that time) to estimates of where things are today. Something that is confusing in the PFS is that the shipping cost is hidden somewhere in the adjustments made to the iron ore price for grade and lump premiums - so what I did is just add the change in cost to ship a ton of iron ore from Brazil to Europe (up from an estimated USD 12/t to USD 25/t).

Still seems like attractive numbers IF these guys can sell the stuff. Basically trading at 1xEBITDA