size of resource, page-25

Sorry my previous missive was verbose and has a typo at the end.

The important bits are:

1. Don't worry about the level of phosphorus because it is not chemically attached to the iron and can be burnt off by the steel mills in their blast furnaces.

2. At today's iron ore price, the likely end product (after beneficiation) Energio will sell for about US$100 per tonnes, which means that EBITDA (not revenue, sorry for the typo) will be about US$ 1 billion per year.

Equals BUY.