50mT @ 60% Fe -> for each applicationlets say IRL get one - so...

50mT @ 60% Fe -> for each application

lets say IRL get one - so we are looking at 30mT of pure Fe

spot prices at $100 a tonne? http://news.alibaba.com/article/detail/metalworking/100197771-1-update-1-china-iron-ore-prices.html

30mT * $100 = $3,000,000,000 (3 billion dollars)

is that correct or have I royally screwed it up?

say 50-50 JV (Joint Venture) - so $1.5 billion worth of ore less costs

guessing $500 million net?

is that wrong...because it seems huge for just one tenement :)

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