hawsons could be truelly massive, page-9

Simno, I don't know much about the company but I'll do my best.

I don't have a full grasp of the company's projects, but having a quick look on their website it looks like their major project is 'Central Eyre'. They seem to have some high quality magnetite with a low recovery (similar to CAP). DTR of 17% is slightly lower than CAPs target. The seem to be chasing after a similar sized resource to CAP, however so far they have only upturned a small fraction of what they consider to be the volume estimate (2.8Bt-5.7Bt). Currently they have proven up 328Mt and it appears they are looking to upgrade this to 500Mt in the near future. They look to be targetting about 10MTpa as well for what it's worth. Furthermore, the project is located within reach of the ocean, so I imagine setting up a port for transport would be quite feasible.

So it is interesting, IRD seem to have a resource of similar grades to CAP, but it appears they are either struggling to prove up their resource volume estimate, or they are taking their time to complete their other iron projects as well. Could you enlighten us on what the story has been with defining the resource? Also do they have some sort of financial deal or JV partner to go about eventually developing the project into a mine?

Also I have been forgetting to raise the point that Nick has made it quite clear that CAPs magnetite is a slighter softer compound compared to other company's. I gather this makes it easier to process thus our production costs should be lower because of this.

Hope that helps, and if you could answer a few of those questions that would be great!