Let's not forget Warnie there is every indication that the current iron ore price negotiations between the big three (BHP,RIO and CVRD) and the Chinese may result in up to a 50% increase in the spot price of iron ore...so your valuations may be somewhat on the conservative side if FDL bring this project to fruition. I strongly suggest that interested holders review many of the excellent posts by tradeforprofit as he is a master at identifying emerging value transition companies such as FDL.
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