Grange's Iron ore pellets at A$427/tonne, page-277

Interestingly I bought both of these (grr and mml) around 6 months ago. After making a fairly quick profit on mml I ploughed the proceeds into grr as to me it seems lower risk and better value. The reserves at mml are too short for my liking. I've kept adding to my position in grr and am up almost 100% on average. My holding is a little over 50,000 currently, like you though, I wish I had put much, much more into grr as it was blindingly obviously extremely good value, however had funds tied up in other investments and kept wondering if I was missing something.

Am a bit torn on whether they should invest in SD. They need to make sure the feasibility studies are really, really robust. If they invest we could have a producer that is twice as profitable as it is now once SD is fully operational, however we obviously take a risk with the capital investment, capital that could be paid out to us as dividends in the short term if we don't invest. If the feasibility studies stack up strongly I think a middle ground option is best where we sell say 20% and keep 50%, and put the cash proceeds towards the development costs. However I wouldn't be averse to selling the 70% if the price is right and the cash proceeds are distributed to us shareholders.

Your question on cash vs market cap - cash at 30/06 was $416m vs market cap of around $950m, so no cash is not above market cap. Cash continues to increase fairly quickly though while pellet prices are this high.