Sorry Bigstar-just realised that if there was 4.4bn tonnes of total magnetite resource HAW`s 40% would be only 1.76bn and that the buyer would be paying around 10 cents per tonne for the magnetite and possibly up to 14 cents if there turns out to be a very significant shortfall in the eventual resource.
Still a steal when given the haematite so doesn`t change my view that HAW must look for well in excess of 10 cps for their stake.
research report out-mt bevan re-rating soon, page-59
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