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What the MGX qtrly shows today is that even in the curent environment MGX sold less quality and less quantity ore and still managed to add to their cash holding during the qtr of approx $23 M.

Translating that to ARI with higher quality and quantity (about 10-20%) we expect about $30M earned on IO alone this qtr (which is the worst qtr yet). At this rate we will probably made arround $220 from IO this FY. Add the mine consumables of around $150 - $180 and neutral from Steel, still looking at about $350-400M FY.

I think the 6c div can be maintained but may drop a little to 4c for the FY half. Share price should be around $1.25 -$1.40 based on the same metrics as FMG (ofcourse taking away the manipulstionsof accumulators ect).

DYO research