Looking at the inaction of the UMC management and (we all know they brought Railways to flip for a profit without much intention to develop it), the resource base (yet to be drilled and confirmed) can potentially be enormous.
That part of the Pilbara seems to be extremely high in ore content with very small strip ration. IOH (much further west) already has DSO ore (resource) discovered at the level that AGO has announced for their combined North and South Pilbara (excluding Ridley and MidWest).
One thing that really puzzles me is the lack of "noise" in the media about the potential breakdown of the deal CONSIDERING the AGM was mentioned in the media (although not widely covered) a less than happy affair.
UMC Price at posting:
$1.29 Sentiment: Buy Disclosure: Held
