Well I can't find the full scoping study, but from what the...

Well I can't find the full scoping study, but from what the document you linked to says, I think they have used pricing that is way above what can be expected. I seems to be saying they have used $254 per dry metic tonne FOB in 2014 trending to $108 by 2021.

If this front loading is going on, it is greatly enhancing the NPV of the whole project. I could not find a copy of the scoping study to confirm.

Also, the price of stage one is much greater than what other similar projects are going for. Usual price is about $100m development cost per million tpa of production. Stage 1 of Marampa is going for double that.

It is not a terrible project, it is just one that will be unlikely to get off the ground if the chinese seaborne iron ore market experiences a slowdown. For reasons that I won't go into here - I think a slowdown in that market is overdue.