In addition to the Grants Iron Ore Basin, potentially the Maldorky, Grants and Lilydale magnetite deposits could also provide SIMEC's Whyalla Steelworks with high-grade and low impurity Fe concentrate for the next 50 years (at 6 Million tonnes per year) based on the following scenario:
Note A: The ISV value factors ranging from 2% to 5% are rules of thumb used in the industry to value mineral resources under the VALMIN code.
Column 1 Column 2 Column 3 1 2 3 4 A$/US$ FX rate: 0.7079 On 9 October 2018 5 6 66% Fe Concentrate (MBIOI-CO) US$: 100.64 https://www.mbironoreindex.com 7 62% Fe Fines - Low Alumina (MBIOI-62-LA) US$: 74.5 On 4 October 2018 8 9 10 Maldorky deposit (Indicated) Fe JORC Resource: 147,000,000 tonnes 11 Maldorky deposit Yield: 40% Maldorky deposit 'estimated yield' (page 28 of 2017 Annual Report) 12 13 Grants deposit (Inferred) Fe JORC Resource: 304,000,000 tonnes 14 Grants deposit Yield: 33% Grants deposit 'estimated yield' (page 28 of 2017 Annual Report) 15 16 Lilydale deposit (Estimated) Fe Resource: 450,000,000 tonnes. In fact, this could be > 500 Mt 17 Lilydale deposit Yield: 32% Yield assumed to be the slightly lower than Grants estimated yielda above. At 106 micron grind size, could be as high as 35% 18 19 20 Maldorky deposit Fe Concentrate (high-grade): 58,800,000 tonnes 21 Grants deposit Fe Concentrate (high-grade): 100,320,000 tonnes 22 Lilydale deposit Fe Concentrate (very high-grade): 144,000,000 tonnes 23 303,120,000 tonnes 24 25 A$ 26 Maldorky deposit: A$ In Situ Value (In Ground Value): $8,359,417,997 using 66% Fe Concentrate (MBIOI-CO) price 27 Grants deposit: A$ In Situ Value (In Ground Value): $10,557,762,396 using 62% Fe Fines - Low Alumina (MBIOI-62-LA) price 28 Lilydale deposit: A$ In Situ Value (In Ground Value): $20,472,044,074 using 66% Fe Concentrate (MBIOI-CO) price 29 $39,389,224,467 30 31 A$ Fair Value based on ISV% (see Note A below): A$ 32 2% $787,784,489 33 3% $1,181,676,734 34 4% $1,575,568,979 35 5% $1,969,461,223 36 37 A$ 38 2% $3.33 39 3% $4.99 40 4% $6.65 41 5% $8.31
66% Fe Concentrate (MBIOI-CO) Specifications
Price: US$ per dry metric tonne, CFR China
Material Origin: All Origins
Fe Content: Base 66%, Range 63% to 70%
Silica: Base 4.5%, Maximum: 9.0%
Alumina: Base 0.5%, Maximum: 2.0%
Phosphorus: Base: 0.02%, Maximum: 0.06%
Sulphur: Base 0.03%, Maximum 0.10%
Titanium: Base 0.05%, Maximum 0.30%
Delivery Port: Base Qingdao, normalised for any Chinese mainland sea port
62% Fe Fines - Low Alumina (MBIOI-62-LA) Specifications
Price: US$ per dry metric tonne, CFR China
Material Origin: All Origins
Fe Content: Base 62.0%, Range 61.0% to 63.5%
Silica: Base 5.0%, Maximum 7.0%
Alumina: Base 1.5%, Maximum 1.9%
Phosphorus: Base 0.08%, Maximum 0.09%
Delivery Port: Base Qingdao, normalised for any Chinese mainland sea port
Cheers
These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts. No tumbleweeds were harmed in the writing of this post.
HAV fanboy: still drinking the grape, orange strawberry, pink lemonade, strawberry kiwi, blue raspberry lemonade, berry cherry, cherry, tropical punch, watermelon, lemonade Kool-Aid
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