AGO, current market cap is just one-third of ARI.
But it is a pure iron ore stock, with current production 13Mt, expanding to 15-16Mt within 2 years.
All-in cash cost A$64-68/t.
Realised price approx.79% of IODEX62 spot price. currently is around A$63.5/t
So is making loss at the moment.
Cash: $150m
Gross debt: A$350m
Net debt: ($200m)
Compared with AGO, ARI is more attractive, IMO. as ARI has its core business Consumables still producing approx. $350m EBITDA p.a. but ARI's market cap is only around $600m.
Allan Gray spent $116m bought 395m ARI shares at average 28.3c per share.
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