Who refers to it as a pure DSP operation? I don't think BRM do in any of their publications.
In my mind the DSO that BRM has is almost inconsequential. What is comparable to a pure DSO operation is the marginal operating cost ($31/$32 per tonne) and the final product 58%-60% fe. Hence when comparing resource sizes and values I think it is reasonable to discount BRM's 1.4BT+ JORC to DSO equivalent amounts (ie 1BT) as that is, in effect, that potential volume of saleable product.
It makes more sense to compare it to a DSO operation than a magnetite one due to the big differentials in final product (haematite) and higher operating costs associated with a magnetite operation.
But, I agree in that the market is not really sure how to benchmark it as it is neither a pure DSO play nor a Magnetite play.
BRM Price at posting:
$2.04 Sentiment: Buy Disclosure: Held
