Thanks Drucken; Good work. I've done a similar analysis.
Just adding to your work, you have non onslow mining services saying running at $500 m ebitda pa, on 10 X = $5 bn of value.
FMG's iron ore costs are considerably lower, justifying that part trading at a premium to MIN, but MIn also has a fairly simple expansion option to 50 m tonnes, which would make it a quarter the size of FMG.
Once you add the mining services part for Onslow, the brekeven for Min is about $35 to $40 US per tonne, which is probably similar but a bit above FMG.
It looks quite cheap relative to FMG to me, putting all this together.
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Last
$23.90 |
Change
0.200(0.84%) |
Mkt cap ! $4.696B | |||
| Open | High | Low | Value | Volume |
| $24.10 | $24.47 | $22.76 | $80.81M | 3.398M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 7660 | $23.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $23.92 | 5177 | 2 |
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| Last trade - 16.10pm 13/06/2025 (20 minute delay) ? |
| MIN (ASX) Chart |