perspective, page-56

Alright last post on IMX, this has some more important numbers.

http://www.imxresources.com.au/_content/documents/971.pdf

Broker report 30/09/2010

"IMX has a DSO offtake agreement with China‟s Jilin
Tonghua Iron & Steel for Phase 1; the ore will be sold at 20% discount to the iron ore price index, with payments
for contained Fe and Cu. Processing (in China) should produce a coarse-grained (150μm) magnetite concentrate
grading 71% Fe, and a 23% Cu/Au concentrate (87.5% Cu recovery), via flotation and magnetic separation.
Phase 1 startup cost is low, A$20m with A$12m left to spend. Expected total FOB costs are A$60/t, with a
(current) A$36/t copper credit for net cost A$24/t; gross revenue is ~A$95/t after the 20% discount (fx 95?)."

I read that as a margin of $35/t?

"Investment Comment: Cairn Hill Phase 1 is in production, on schedule. Shipping should start in Dec ?10. The
NPV of 50% of Cairn Hill P1 at current iron ore prices and reserves (5.5yrs production) is A$139m (10% disc, fx
0.95), or A$0.60/share (undliluted), close to the current share price ? but this ignores production upside (to 3-
5mtpa) other projects and cash (Sep 10F A$45.4m after 2-3Q10 placements and payments for Cairn Hill, and
mining revenue to flow in 2011). With Cairn Hill and other assets, IMX should be trading closer to A$.80/share."