This difference is the fact PF1 are trying to justify why they wrote it down to nothing because the Pilbara is remote (which is it's Geographical location) but terrain is the physical layout of the area and its not difficult - it's flat and has minor vegetation. The top layer of detritals could be removed and saved to rehabilitate as is done in many projects.
The other 800Mt annually of iron ore coming out of the area comes from similar terrain and is just as remote.
I have only commented on the resource - not the actions of PF1.
Incidentally my valuation on the resource is only of the 40 plus million tonnes of indicated iron ore not the 300 million tonnes of inferred.
That indicated resource is shallow at around 26m from surface and CID also so I don't think a 25c AUD per tonne valuation is excessive by any measure with a current spot price of over $200 AUD per tonne and then you throw in the 300 million tonne inferred for free....
Disco.
PF1 Price at posting:
30.5¢ Sentiment: None Disclosure: Held
