plv and the small miners campaign, page-14

hi parmenio,

Are we comparing apples with apples? I haven't seen the FMG numbers but presume they are for DSO on ship?

Our price of $37/t (based on scoping study)on ship includes beneficiation of between $11/t and $16/t, depending on what the final beneficiation processes will be used. It also assumes a cost for royalties for native title.

If you deduct these costs this would give a DSO equalivient.

Even at $37/t this is pretty competitive for a +66%Fe product. Also the Isthmus ore will be much cheaper as it is DSO.

Cheers, Tony.