GRR Valuation, page-14

Hi
I am surprise to read about geopolitical risk for grr. The company operate in one of the least risky Jurisdiction in the world and if you refer to Australia/China issue, well Australia iron ore to China this year is up 20% year on year, with China failing to keep iron ore prices under control.
I have a minimum price target on $1 for grr this year, possibly its low valuation is due to two factors, one been the nature of a single mine operation and the other the need for mining extraction remodelling and some infrastructure expenditures needed. But with the cash grr is generating is only a matter of time, possibly very short, before these issues are resolved. A cherry on the cake would be some news on the Southdown magnetite project, with current iron ore prices some financing or partnership must be imminent, it could even be developed with own cash pile at current price levels. After the environment permit I am not sure what's next paper work....mining permit?