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Wah Nam's offer for FerrAus was for six Wah Nam shares for each FerrAus shares, valued the target at around $1.29 a share. FerrAus yesterday traded at 86c.
strong buy, outperform
In February 2010 FRS completed a positive Scoping Study, indicating a potential A$1.1 billion Net Present Value (NPV) for a project ramping up to 15Mtpa, was announced.
FerrAus Limited is an emerging developer of iron ore and other ferrous raw materials. Its wholly owned, strategic foothold in the under-explored, highly prospective new iron ore sub-province in the East Pilbara region of Western Australia encompasses over 560 square kilometres with a potential strike length of 30-40 kilometres. One of China's largest base metals Within this strategic holding, FerrAus is fast tracking development of its flagship Robertson Range iron ore project, which has a current resource total for the FerrAus Pilbara Project had reached 316.4 million tonnes, including High Grade Resources (+55% Fe), 194.4MT @ 58.55% to produce lowcost, direct-shipping hematite.
FerrAus is simultaneously exploring for similar style Marra Mamba as well as Brockman-type iron ore deposits on its adjacent Davidson Creek and Mirrin Mirrin tenements in the East Pilbara, to the east of BHP Billiton?s operations, in ground. This excellent blue-sky potential suggests an upside of greater than 400 million tonnes of iron ore.

The recent resource upgrade should enable FerrAus to approach BHP Billiton with a credible resource for rail haulage under the terms of the State Rail Agreement.