As for the valuation of $382 million, a lot has changed since...

As for the valuation of $382 million, a lot has changed since then (iron ore price halved, oversupply at 50mtpa and increasing to 200mtpa in 2017) to the extent the valuation is irrelevent. Previously I've made the point that if you need to invest $6 or $8 billion of infrastructure you wouldn't do it, regardless of what a spreadsheet might say.

Currently a fair NPV on a land-locked. low grade detrital deposit would be less than zero.