Agreed at the moment the hedge is well under water with the strong IO price and weak Au$.
As for Shine not only is it low grade but also high SiO2. On the other hand it is 230k from the port so maybe half the haulage cost of Iron Ridge.
W11 profit will be split 50/50 with Sinosteel, I know the Chairman talks it up but it won't be another Iron Ridge.AIMO
Price of Iron Ore, page-1568
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