The comparisons with FMG made by Hevlet and Shueym certainly show that BRM is way undervalued and that by the time the project is de-risked (rail locked away and mine construction started) we should see a share price that compares far more favourably with FMG.
Another interesting point is that these comparisons with FMG are based solely on production at Marillana of 17-20 million tons per year. With the West Pilbara tenements and possible futher development of Marillana, we might eventually see production approaching FMG's current level of 40 million tons.
BRM Price at posting:
$3.74 Sentiment: Hold Disclosure: Held
