Well 85cents is the placement level for $160m. A valuation of 70-90cents was placed on GBG back in November. The markets have rallied significantly since then, hence the valuation would be conservative given the world market rally.
I'm sure we will see around 85cents once EPA and FIRB are complete. The last hurdle will simply be IO prices and construction being completed within budget and on time.
ansteel , page-2
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