Unlike most businesses with mining the resource is not being...

Unlike most businesses with mining the resource is not being replaced, so the PE basis of estimating value is irrelevent. better to look at the total reserves and production per annum and then use a cash flow discounted over time to find the present value of future earnings from the mine ie the net present value (NPV).
In TFEs case it has an NPV from memory of around 60 to 70 cents a share based on broker reports.


As for a $15.00 profit per tonne I dont know what the price they are getting per unit of iron ore, others may know but if you looked at the MGX costs that should give you an idea for TTY