FMS - "The Foundation Customer", page-23

Point of note in the following is the cost $1.3bn for mine,with 140kn rail, price of I/O $63/Taprox.

Old FMS bod had scaled mine costs down from $1.2bn to $750m

Current price of I/O USD$103/T. exchange .6985. Cost 0f production $30/t aprox.

Min stated BCK mine $350m

So, either current bod is building a huge mine or there estimate are at the upper limits of range then some.

Going back to the previous bod there limit fac1tor was the price of I/O.

We the price of I/O has risen, AU$ dropped from the estimated 80c and so has the production costs from $60/T.

So I think SH are in a good place.

http://www.mining.com/fortescue-goes-ahead-1-3bn-iron-ore-project-western-australia/

I’m Holding

GLTA

Looking at the above photo, they definitely need a criminal lawyer on the bod.