Ann: Trading Halt, page-229

Yep unsinkable, i took a fair bit of licence by only adding in $2 a tonne for other expenses. But add in loan repayments & tax (probably nil in the 1st few years), a big possible drop in the iron ore price etc and you still come out with a massive probable valuation that dwarfs the current share price even after dilution. Say they issue a further 300m shares at $2 down the track and borrow the balance for mine development, the share price once in production will still be humungous.