Welcome Stockings. I enjoyed re-reading that link you posted, even though its only 1 month old. The following quotes from Chairman Burston say it all really:
"I've done my figures on (the cost of) getting it onto the ship and it's less than $US50 a tonne," he says. "If the iron ore price goes down to $US80 a tonne, that's not going to worry me.
"Twenty million tonnes a year at $US30 a tonne is a profit of $US600m a year.
"The biggest problem we've got is every bastard who doesn't know how to spell iron ore is telling us how to do it.
"Once we are successful, then the floodgates (in Nigeria) will open, because there's no much iron there you can't ignore it."
Burston says that unlike in Australia, miners are being welcomed into West Africa through lower taxes and stable royalty rates.
"The Nigerian government is backing us to the hilt," he says. "We sit within 70km of an established heavy-haul railway line which has never been used and which goes straight down to the port -- what a break that is.
EIO Price at posting:
33.0¢ Sentiment: Buy Disclosure: Held
