EBIT/EV is inherently backward looking and ratios will reasonably vary over the cycle depending on expectations of future commodity prices. I prefer to look here at EV per tonne of production instead.
USD EV per Tonne of Annual Production (my back of the envelope calculations, DYODD)
Vale - 378
FMG - 302
Kumba - 366
FerrExpo - 337
Champion - 430
Grange is higher cost than FMG and will likely always get some kind of discount while it is controlled by Shagang. However if it can get its EV per Tonne of production up to FMG's level (USD 300/t, the lowest of the peers) Then it would trade at an EV of AUD 750m or close to 90c per share.
Shagang Offtake, page-149
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