re: Ann: Drilling update No.16 - Agbaja Iron ... These extra 51 holes should provide a further 45Mt to the maiden JORC - not to be sneezed at. Even at a very conservative margin of just $25 p/t (current margin approx $80, based on a $130 spot price and a $50 OPEX), that's an extra $1.125B in before tax profit.
Ann: Drilling update No.16 - Agbaja Iron Ore Expl, page-4
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