The problem with NPV calcs is simply that future REO commodity...

The problem with NPV calcs is simply that future REO commodity prices this far out from production are unknown. Enough said. Really. And on top of this drilling is the only way you can tell what is the quality of orebody. As was quoted by driller Imdex CEO, "What is the grade of my orebody? If you knew that up front you'd probably blast differently>"

I mention this because the BFS will generate whether funding is worthwhile; backing a go-ahead call. Most of the time it is in the bag for investors by a like for like mine. Same with gold etc - once you have grades everyone knows the state of play and share price will move as production gets closer.

Future REO prices will vary greatly going forward since China may drop prices to ensure supply decisions are delayed around the globe. I can see a change coming in minimising Australia iron ore. China links with mines in Brazil and new ones in Africa are meant to freeze Australian companies out. So naturally have a doubt as to what China will do elsewhere.