Thanks Drucken; Good work. I've done a similar analysis. Just adding to your work, you have non onslow mining services saying running at $500 m ebitda pa, on 10 X = $5 bn of value. FMG's iron ore costs are considerably lower, justifying that part trading at a premium to MIN, but MIn also has a fairly simple expansion option to 50 m tonnes, which would make it a quarter the size of FMG.
Once you add the mining services part for Onslow, the brekeven for Min is about $35 to $40 US per tonne, which is probably similar but a bit above FMG. It looks quite cheap relative to FMG to me, putting all this together.
MIN Price at posting:
$25.71 Sentiment: Buy Disclosure: Held
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