I'll hazard two guesses Thomson!
1) The futures that have been going crazy are for May 2017. A sustained Iron Ore price until May would have BCI at the upper end of their (new) nominated EBITDA and probably exceed it.
2) The same higher I/O price which suggests ore at ~$US 100/t would be enough to entice additional projects to market and therefore increases the value of Bucklands on BCI's books which at the current share price would be about zero.
We'll have to see what affect the futures trading has on the spot market or whether it is mostly speculative trading and isn't reflected in the physical. Time will tell.
Buckland Project, page-9
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