Ann: Response to ASX Aware Query, page-66

My memory wasn't quite correct, but here is Choco's (a long time sub holder) post from 2017. Keep in mind the price to extract the ore would be substantially higher than back when  it was rumored it was going to be sold for $25 million in 2012.

https://hotcopper.com.au/threads/wf...king-drilling-feb-2017.3205634/#post-22448228

"A lot of posts talk about the huge value of the Hammersely iron ore deposit in WA and the huge sale potential of it.
I would like to point out that this resource of 343m tonnes of iron ore is only feasible to be mined when the spot price is $100-110 per tonne, as what many of you don't know or failed to point out is that to get to the deposit at least 80m of dirt must be stripped before the ore exposed.
That means 1000's of load of dump trucks carting soil and rock over a year before the payload is hit. This is it a easy open cut mine where you just get a few large excavators and go for it.
In 2012 there was strong interest by a Chinese group to buy the lease for $25m when the spot price was around $150 per ton. But this sadly failed at the last moment just before it was signed and made public and the company share price dropped from 0.4 to the sad amount of 0.002 due to the downturn in ore prices.
This iron ore deposit is good but not the greatest as it's expensive to extract and don't get excited about the lease sale until the price of iron ore gets to $85-$90 and then you might get a player knocking at the door for a $10m+purchase. Until then it's like many other thousands of leases across Australia, just a patch of dirt with minerals lying underneath waiting for right time in commodity prices to be extracted by a group with deep pockets and courage.
So don't get too excited about a windfall sale until ore prices improve dramatically towards the $100 per ton zone.
In the meantime let's "hope" that the wishful outcome of the Lomero drill hits the 1m oz + mark to make the $30m capex required and a few rounds of dilution due to capital raising and then you will see some blue skies with share price in late 2017-2018"

https://hotcopper.com.au/threads/me...623941/page-452?post_id=42155690#.YCzw52gzaUk

https://hotcopper.com.au/threads/me...623941/page-457?post_id=42156365#.YCzxQWgzaUk


This was talked to death a few years back when WFE were looking to sell it. A few good posts can be found in this thread and the links above ( https://hotcopper.com.au/threads/meanwhile-some-dreaming.4623941/page-8#post-42146951 ). They explain the geographical location, who might be interested in purchasing it, the low grade and the high impurities further reducing the potential value (Silica and Alumina 13%)

@MyDisco2 - You know this, you have been here since at least 2012 following the Hammersly story..Who is going to buy it other than FMG? And why would they now? They are set for years to come...