Foretescue Metals has a market cap of $65 billion, zero net debt, and 175 mpta of production. Fortescue has an enterprise value of $370/ton.
Grange Resources has a market cap of $640 million, $300 millon in cash using miningnut's figures, and 2.5 mpta of production. Grange has an enterprise value of $340 million or $136/ton. Grange is way undervalued compared to Fortescue.
A scaled down Southdown project might cost $1.5 billion to develop for 5 mpta. Southdown's capital cost of $300/ton is only marginally cheaper than Fortescue's $370/ton valuation. The decision to build the mine is a bit like a call option. It is better to wait and see if the iron ore price goes higher, rather than exercise the option now.
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35.0¢ |
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24 | 1405430 | 0.350 |
8 | 118040 | 0.345 |
10 | 139431 | 0.340 |
11 | 95292 | 0.335 |
Price($) | Vol. | No. |
---|---|---|
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