Iron ore price, page-51699

Well that's just bizarre because that means they have either based their valuation on just a discrete couple of years of projections (which is wrong and quite frankly stupid because you end up in situations like this) or they just never accounted for Simandou in the first instance as:

1. What this is saying is they have effectively ticked forward one year (or in this case brought forward an assumption by a year) and "surprise" the Simandou effect has now thrown a massive spanner into their valuation model.
2. Whereas if their model worked properly, the Simandou project should have always been incorporated into their pricing model via a lower long term IO price assumption so moving something like this around by 1 year should make little difference.

Sounds like a monkey punching numbers into a spreadsheet with no understanding of what the spreadsheet is doing. Lets hope other analysts are more proper otherwise the market maybe misinformed.