initial price target 1.86

from today's Australian...i have been accumulating this

Western Plains Resources (WPG)
Taylor Collison
Buy recommendation
Initial target price of $1.86
THE only thing peculiar about Western Plains' direct-ship hematite ore projects in South Australia is the name - Peculiar Knob and Buzzard. Once you get past that, there is nothing immature about the potential upside for Western Plains, Taylor Collison believes. Of its initial $1.86 share price target, Taylor Collison believes $1.70 of that can be attributed to the value of Peculiar Knob/Buzzard, both of which are expected to produce substantial annual free cash flows of up to $102 million for only a moderate capital outlay. What separates the projects from a lot of other iron ore offerings is the closeness to essential infrastructure; 45km to the Stuart Highway and 85km to the Adelaide/Darwin railway. A bankable feasibility study for Peculiar Knob is due later this month while a mining lease is expected to be granted in February. Taylor Collison expects a mining ramp-up to 2.7 million tonnes per annum soon after production begins.