cheap is not the word. $12m market cap and 550mt means only 2cents for each ton of Resource. chinese steel mills have been paying at least 30cents per tonne for an undeveloped Resource in magnetite. this is crazy. yesterday fwl had 112mt and was worth 10 cents. surely it is worth 50 cents today with 550mt and that is without the pig iron project concept or the possibility of a deal soon for a jv partner.
Ann: Resource Increased To 0.5 Billion Tonnes , page-7
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