Strike's liabilities to its partners D&C and MAPSA, totalling approximately $US24.25m have been cancelled and "the independent pre-feasibility studies completed last year have shown that this project has the potential to become one of the world's lowest cost producers of iron ore, with operating costs of around $US16.50 per tonne of product."
The Berau project currently has a JORC Code compliant coal
resource of 20.8m tonnes (Mt) of coal with a calorific value of 5605 kcal/kg gross as received (GAR), comprising 1.8Mt of Measured Coal, 8.6 Mt of Indicated Coal and 10.4 Mt of Inferred Coal Resource.
The company has an exploration target within the Berau project estimated to contain additional mineralisation of 10 to 15 Mt of coal.
Current VWAP is very close to 58.
monkey buy at 57.5/58
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