a similar project that just got chinese funds

I was just doing some research on the web and stumbled across an article about Richmond Mining (ASX:RHM).

http://www.goldprices.net.au/tag/iron-ore

They are an iron ore producer in the US (listed on the ASX). They just released their DFS in May this year and their project has the following attributes:
- capital expenditure of US$161 million
- output of 1.75 Mtpa
- 10 year mine life
- producing a concentrate grading 66-69%Fe
- cost of production is US$66/t

Compare to PLV, which has

- capital expenditure of AU$700 million
- output of 4.4 Mtpa
- 20+ yr mine life
- producing a concentrate grading ~67%Fe
-cost of production is AU$63/t

So the 2 projects are very similar. PLVs Capex is higher, but it has much greater output and a much longer mine life than RHM. Look at the capex:output ratio:
- RHM: US$92 million per Mt of output annually
- PLV: $AU159 million per Mt of output annually

Not ridiculously higher given that the mine life is twice that of RHM.

And, the icing on the cake is this:

http://www.proactiveinvestors.com.au/companies/news/16507/richmond-mining-lands-financing-from-chinas-hebei-iron-steel-group-for-buena-vista-project-in-nevada-16507.html

Tony is not lying when he says the project is economic. It is looking good!