Very few companies actually "Prove" their resources before they mine them, hence using the JORC resource estimate. In any case, you stated they had and "average grade", I was simply pointing out that over 40% of what they have found so far is above 60% fe and that is in no way "average".
Do yourself a favour and read the analyst's reports on the FMG website. It shows a fundemental undervaluing of FMG compared to BHP and RIO based on iron ore assets alone. Now this was based on a share price of about $42 or so, but with the increase in reserves, BHP takeover of RIO and extimated ore prices for next year, the prices around $59 look ok.
It shows the estimated EBITDA % of 74% for FMG, vs 59% on average for Rio, BHP and CVRD for 2008/09. By 2010 this gap is expected to expand to 26%. That means FMG's costs are expected to be HALf of BHP/RIO/CVRD. (26% costs initially for FMG vs 41% for BHP/Rio - if this extends to a 26% gap as predicted it will be 26% costs for FMG and 52% costs for the others)
I dont really care, I like them and think they'll get to $10 by May (after 10/1 split). Thats a good enough return for me. You guys can do what you want.
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$22.37 |
Change
0.270(1.22%) |
Mkt cap ! $68.93B |
Open | High | Low | Value | Volume |
$22.41 | $22.46 | $22.22 | $20.52M | 917.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
15 | 7146 | $22.36 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$22.37 | 223 | 4 |
View Market Depth
No. | Vol. | Price($) |
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17 | 4614 | 22.340 |
11 | 3916 | 22.330 |
11 | 5353 | 22.320 |
10 | 3840 | 22.310 |
13 | 10155 | 22.300 |
Price($) | Vol. | No. |
---|---|---|
22.350 | 247 | 5 |
22.360 | 3938 | 14 |
22.370 | 2730 | 13 |
22.380 | 6772 | 11 |
22.390 | 4316 | 12 |
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