market cap = 1st shipment of iron ore

HEM have good management.
HEM have money in the bank.
HEM have potential gold, uranium and iron ore.

It's the iron ore that I'm interested in.

HEM is next door to Yandi and by nearology, will have direct shipping iron ore. (refer asx announcement showing outcrop).

The three iron ore giants -- Vale of Brazil, Rio Tinto and BHP Billiton -- have settled the 2009-2010 iron ore price contracts with major steel makers elsewhere in Asia and Europe, agreeing on price cuts ranging from 28 to 33 percent. This would equal to 75 to 80 U.S. dollars per tonne, including freight costs, or around 100 AUD.

If we work on 100 AUD per tonne and we assume to contract mine and cart to port at a cost of 60 AUD per tonne, we can expect a 40 AUD profit per tonne.

When we load our 1st Cape class vessel at 170,000 tonnes our profit = 170,000 x 40 AUD or 6.8 Million AUD which is the market cap of HEM.