Hi Rich, it has always been my opinion that the railway project will achieve a 45% increase from the inital infered JORC. and it seems well on track to achieve this.
$10 billion based on A$100 per ton, what $$$ would UMC premium ore be worth with the 33% drop.
So far, UMC has nailed down 122 million tonnes of ore in the Railway deposit, at an average grade of 58.3%. The recent 147.8 metre intersection has yet to be factored into resource calculations but it’s easy to envisage another 25 to 30 million tonnes being bolted on, putting UMC well on track to hit a target of between 150 and 175 million tonnes of ore grading between 58% 63%. Inside that resource is likely to be a core of 100 million tonnes of premium material, ready to go. Wrapping a dollar figure around 100 million tonnes of high-grade ore is a job for a calculator with plenty of zeros, because, with an iron ore price of around A$100 a tonne the answer is an in-ground iron ore value of A$10 billion.
UMC Price at posting:
99.0¢ Sentiment: Hold Disclosure: Held
