hematite, page-70

That's right magix...

UMC average grade is 61.2% at railway on a non-calcined basis, with LOI around 9%. LOI is the measure of how much water is lost on ignition - the higher the better. Less water = more iron.

Of course - the impurities go up in step with the increased iron - but they are at very low starting levels anyway.

If UMC gave calcined values we'd be up into the mid-high 60s like you pointed out.

No shenanigans like other companies who: make 1000Mt estimates based on rock chips, or reserve estimates on untested beneficiation processes that increase P levels (but don't tell them market about that).


That's why I like UMC -- high quality ore. Conservative announcements. I believe they are doing this to be taken seriously by RIO geos who we know have been helping them, and by BHP who are right next door.

Joel