having a look, page-18

Zeus

I tend not to do valuations based on in-ground values since the OPEX, especially for magnetite, can vary substantially.

For my mind, ebita valuations are far more meaningful. If you can find some literature published by Huntley on magnetite that would be beneficial, but perhaps this peer report by Oyster Consulting may be a good starting point. The report is 3½ years old, but gives some great peer comparisons on FOB etc:- Oyster Consulting - Potential Magnetite Iron Ore Projects.

If the above link fails, copy and past the following URL into your preferred browser: http://www.sphereminerals.com.au/Download-document/50-Magnetite-Iron-Ore-Comparison.html

Cheers!