It would seem there truely is a significant anomoly here between...

It would seem there truely is a significant anomoly here between the worth of this company (market capitalisation) verse the likely forward earnings.....from their direct shipping ore iron ore exports.

They have drilled enough holes to suggest a likely deposit of at LEAST 30 MT of iron ore in the Pilbara.

o highlight how out of wack the shareprice may be.......is it very likely (based on logic - and what is happening)....YML can get an operation up for export of 3MTPA. Likely profits of nett $70 million per annum, would be also twice ANNUAL profits - compared to their market capitalisation.

Therefore what would be the forward PE...I don't know.
How can a company earn more IN A YEAR than their total perceived company worth.

Sure:

They need to JORC that 30 MT.

They need maybe $60 million to develop it (how about a loan or offtake agreement to avoid dilution)

And it will take up to 2 years to get cash flow.

But a PE of .6 or something PA......really suggests something wrong here in the way markets values this stock.