AJM Chart, page-2298

I think it’s a fairly simplistic approach to only consider throughput when comparing market cap of TAW and AJM. Many other factors at play when comparing valuations - higher opex at TAW - strip ratio 9:1 vs 2:1, recoveries 65% vs 75%, haulage to port 350km vs 150km (plus a lot further from Esperance to China vs port Hedland), lower throughput 1.2mtpa vs 1.5mpta...but also lower capex as a lot of the infrastructure already in place. Both will do well as both will be able to get product to market in the next couple of months and take advantage of high short to mid term prices