If the choice is between getting $200 mil now vs $1 bil in PV spread accross the life the mine. I might be tempted to say, get ur shovels and start digging.
A WACC of 10% is low but reasonable, given that there will be a share of debt in the calculations which will have pulled down the WACC, therefore the cost of equity would have been higher than 10%.
TS will never buy-in to this but actually mining the thing might be good for shareholders as we might enjoy; 1) further rises in iron ore and 2)further increases in reserves.
If the choice is between getting $200 mil now vs $1 bil in PV...
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