things are going to be different now, page-30

Hi Sydney

What makes it hard to believe it is a profitable business?

It's a very simple iron tailings re-treatment process. Very low capex. High quality 65% Fe product. Committed local and international off-take partners. Recovering iron ore price etc.

Both Cielo Capital and Sedgman have done financial modelling and inspection of the project - Sedgman called it a "simple material handling exercise".

http://www.cielocapital.com.au/#!condor-blanco-mines-limited/cr8d

There's Cielo's report. Hope the link works.
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I find it funny we are debating the tailings and it's not even the crown jewel of the company. Just a (very profitable) means to an end (drilling their world-class deposits).

This income stream means no dilution, tight register, maximum value for shareholders during drilling.