The briefing re-assured us that the infrastructure is likely to be provided to the midwest region by Yilgarn Infrastructure rather than the Mitsubishi / MMX consortium.
Our assumptions for Weld Range include a $6/t charge for rail and port which we see as conservative relative to company estimates. Other operating or timing assumptions remain unchanged.
MIS in our view remains the cheapest junior iron ore stock in Western Australia with a significant development progress made thus far.
The company has the support of Sinosteel as a partner and future customer, is well funded post the current capital raising.
MIS and is trading at a significant discount to our valuation of A$6/share accordingly we continue to rate the stock a BUY.
MMX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
