please read clsa july last year, page-9

Hi (baukaw)

My point of the post was more on the comparison with others,than on the price they attributed to SDL.
Yes the world has changed and the price of selling iron ore has fallen.The figures the report gives at $70/t is still relevant.They give a share price of over $0.90 per share at that selling price.
I believe the value in SDL is in its cost of just over $21.00/t and profit forecast using $60.00/t as a bench mark.
It is always going to make money if the selling price is that low,most other juniors will fall by the wayside at $60.00/t.
I think even FMG would struggle at $60.00/t selling price,not saying they would fold,but would hold them back big time from expanding.

RIO and BHP would also cut back big time on funding projects at $60/t.
Sundance as you know have always used that $60/t as a guide to profit and expansion.

Regards
Westcott.