doubling share price announcement, page-3

Resource is US $200 at 1.95 billion tonnes at 14.4% as estimated by RIO Tinto in the past. That is only a partial estimate. With a resource valued at over $50 billion dollars a market cap of 15 million is a little low.


At US$50 it was uneconomic but the Adelaide-Darwin railhead changes the profitability and the increased price of phosphate. Rio offloaded this as the numbers didn't add up but retained a 10% clawback if it proved to be viable! They kept that as insurance (smart fellows).