The problem is the cost base and expected drop in the iron ore price. It does help to have had endless delays, cost overruns, needs yet another big placement to get into production/ or off take and that still requires permission to mine. Wondered about them attracting a partner, but the capex and costs per ton are too high IMO. I got told the last underwriting was the last money required to get into production and it probably requires yet another $15m , if u believe it. Dyor
i must be insane, desperate or both!, page-8
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