Big call to be stating that they are overstating the Operating...

Big call to be stating that they are overstating the Operating Costs , EBIT , and Cashflow I would think. The project was always predominantly a ' Domestic ' play in the Iron Ore market as their was always a sufficient amount of demand. Not to mention their goal seems to be in creating this Hub with others potential participation.... which will ultimately involve a cost and volume sharing relationship with potentially the Bigger ' Offtake ' parties wearing some of this added cost on the ' Export ' side of things.

I would also add that they have actually stated this in regards the PFS .... as per these two statements , I so I fail to see how they are ' overstating ' the figures as they stand IMO

" For the purposes of the PFS, the financial modelling assumes that product will be sold FOB mine gate into the domestic steel market and, as such, transport costs have not been directly considered in the operating costs. "

" Further work will be undertaken on transport costs during the Bankable Feasibility Study should alternative international markets become more attractive as a long-term solution for the sale of the high-grade Jambreiro product. "