MGX Real Value, page-105

Now, MGX can takeover both AGO and BCI for only $205m cash at today's closing price.

Three companies consolidated cash position would be:

Cash: MGX $350m + AGO $175m est + BCI $110m = $635m
Less: acquisition cost $205m paid to AGO & BCI shareholdes

Less: gross debts: MGX $2m est + AGO $331m + BCI $60m = $393m
Net cash position: $37m

annual production 20 Mtpa.
could be a good idea.

iron ore price did drop to $68/t in December 2008, $59/t in Jan 2009, then rose to $180/t.
never listen to brokers. They said Aussie dollar should 1.10 for next few years not long ago.
During GFC, they said Aussie dollar would head to 40c.

Iron ore price halved and now Chinese steel companies made big profits, estimated $7 billion net profits for all Chinese steel companies this year. But at cost of Aussie iron ore companies' losses.

i reckon io price will recover, just need a bit of time like GFC.