itabirite - 9 to 13 billion tons

Interesting, GC said that the itabirite resource has not been drilled at depth.

He said the Geo's suggest that the resource could be around 9 billion to 13 billon tons.

(Peviously this itabirite was quoted by Sundance as being able to produce high grade IO concentrates at cash cost of $42/t; lower than AGO, MGX and BCI DSO)

13 billion tons of itabirite turning out concentrates at $42/T when some of China's depleted domestic mines have a cost as high as $170/T according to RIO.

This would imply a 100 year resource.

Hmmm..