re: Ann: FIRB Approval for Beyondie Iron Join... Stoker, good post.
I don't think anyone believes $200m is the finalisation of funding for the project. Your numbers are about right (probably on the conservative side for mine). The devil is in the detail with how the debt/equity mix is acheived.
Can a 3mtpa project be profitable? I think it can. GRR have pulled this off in Tasmania with a project on a similar scale, although being a low cost operation is imperative due to being relatively smaller in size (to Karara etc...).
The EMG product looks like it is capable of supporting a low cost op at this stage. I think transport infrastucture is probably key too.
What I keep scratching my head about is why did EMG pursue an initial $200m JV (why not higher?)? Do you you think they may have an internal FS completed with indicative costs? I can't work out how they arrived at that number. Any thoughts?
JT
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