Interesting article in the SMH African iron ore to hit...

Interesting article in the SMH African iron ore to hit Australias trade.
I would hazard a guess and say that iron ore will be selling closer to $70 a ton by the time that PLV starts producing 2013/2014. If it costs PLV $45/50 per ton to mine that's $20/25 profit. Compare that to the $60/70 per ton that some companies are making now.
If they mine 2.6mtpa @ $20 profit = $52m
181.5m shares issued at present divided by 52 = 28.5cps
At a PE of 12 makes a share price $3.40 circa 2014 based on current info.
Still to factor in, the exchange rate and possible dilution by capital raising for capital costs $300m+ and to what extent Japan/China contribute towards the project.