big opening, page-27

Sarc,

some key points with fmg:

$3.7 billion total needed to complete the project
$2.7 billion thats needed for railway, port and infrastructure although contract signed with leucadia.
ore contracts are signed already with china for sale of 39.5mtpa of hematite ore although of quality at >60%fe
resource base is 2.3 blt (undefined)

so a few apples and oranges although one broker (bby) are saying fmg is now worth $17.

so its interesting that fmg have taken approx 2 years to rise to above $10 although are really not that much further/closer to mining or building their infrastructure then others. It goes to show you why the iron ore game does not have many new players as the costs to enter are so high and bhp/rio are not prepared to share their infrastructure if needed.

you knew all this already though!