Did some reading again through the mmx prospectus. Some comments I'd like to make on MMX and some comments compared to some companies similar to it.
Stage 1 which will go for about two years involves trucking at fixed prices.
Stage 2 involves building a railway to Geraldton.
Current resources at Jack Hills is 67 million ounces at 62% grading with excellent potentially to increase this substantially.
Compare this with AZTEC (AZR) which has half this reserve but has a market cap double MMX.
The prospectus said that the capital costs for stage 1 would be repaid totally after 12 months.
This operation is profitable and you can expect the prices of iron to increase also.
grossly undervalued
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