If you review the Life of mine forecasts (and yes MGX's...

If you review the Life of mine forecasts (and yes MGX's forecasts are another thing altogether) but if you accept that the LOM is within +-10-% then the strip ratio ccomes down from 1:12, to 1:8 then 1:6 to 1:5 over the next 4 years. Clearly the issue with the existing grade and overburden is a temp issue not a shift in expected ONGOING grade.

As disappointing as the result was I tend to agree that holding the lower grade T3 ore for future blending rather than dumping at extremely low margins is the right move whatever the short term pain.

Clearly the Option value with MGX is in the NEW projects that utilise the free cash flow spun off by the ongoing business.

Ultimately this is THE difference between MGX and the explorers. who will face the SAME cost environment that MGX is facing if not worse. The only reason Shougang has not already signed off on magnetite is the capex COST. How does this NOT apply to any of NON producers valued at similar PE's/market caps?

my opinion only etc.