I agree there is upside to the stock but this will have to come in the form of some upgrades to the size of the Iron Ore depsits/speed of extraction, or a significant contrct on the Lithium side.
From my rough calculations
2008 Iron Ore: 2008 contract (upside out further)
750,000 * $50 (rough est) * 60% ownership = earnings of 22.5m.
With 1 billion shares on issue that is 2.25 US cents/share, and at a mulitple of 12 times gives us 27 c/share.
The Lithium (excluding potash) however looks more promising for 2009 at
17,000 tonnes *$8,000 = $136,000,000
13.6cps *15 times (for chemical company) = $2.04/share.
Anyone disagree - see flaws in my numbers....
expectations, page-2
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