after the option take-up, page-2

The resource is 23MT according to the annual report. The north extension may take it to 40MT? The amount of ore required to repay the $300 million is unknown but I'd assume ~ 4MT.

I also think profit will be closer to $ 80/tonne in the current market. So for the remaining 19MT ~$1.5 billion or $1.5 per share. No doubt the economics are there if you take it as a given that an off-take agreement will come soon at the current market price. The risk is whether the fluctuating iron ore price will stall negotiations and whether the demand for the ore will remain in the current climate. The big miner obviously think there will be demand as they are all still pushing ahead with all their expansions