I'm unsure of grades, but i'd like to point out the iron ore spot price @ $120 is very good seeing as.........
“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 so much iron there you can’t ignore it.”
Thnx to 29101971 i stole that of your post.
But @ $70 profit that is 1.38Bil... nice.
EIO Price at posting:
32.0¢ Sentiment: LT Buy Disclosure: Held
