Spent a bit of time going over the bits on info collected on IFE over the past 3 years and ended up feeling good about having sold out earlier this year.
Based on the Feasibility Study issued Dec 2010 mining costs were going to be $61/tonne excluding shipping costs. With ore prices below $100 and expected to fall, as well a forecast surplus in supply putting further pressure on the price, there is less that a $40/tonne margin. Add to this the shipping costs $20-$30/tonne and possibly adjusting the above costs for inflation and increased costs, where/how do they expect to make millions?
There is also the yet to be incurred capex expenditure which I cannot see being bank funded based on the above margins. The stage 1 costs of $26.3m seem a bit low now.
I may well be missing something but now is not the time to be starting a iron mining operation. I think they have missed the boat.
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