Yeah I had the same concerns and tested them. Figured the Onslow negotiations were a good bet - Strike has has the same discussions with it's private owners - and even failing that, DSO as low as USD70pt would earn us AUD20pt before tax. Even that would be economic and support a fully diluted SP 2x current levels. Looking more broadly, FEX and SRK have smaller operations, FEX has already pretty well approached its NPV, punters are expressing concern about SRK's management and its MC is multiples of ours with no earlier projected start date: just a slightly higher grade including some lump. Our low phosphorus levels make us an essential ingredient in Pilbara blends and the earliest magnetite competitors are about 4 years and > $1bn in capital investment away and priced at about their risked values atm imo. I'm talking about the likes of MGT and CAP. So in terms of risk-adjusted profitability, we seem fine, maybe not the best long term prospect ever but I can't find another near term undervalued IO prospect like it. I've said nothing about the gold.
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