The partner may pay all of the CapEx costs for a "major minority stake" in the project.
Equals no debt.
fms = NPV of $2.2B for 229 Mt of final fines product at 58.59 Fe
PLV = NPV of ????? for 155 Mt of concentrate at > 66% Fe
That should roughly give PLV an NPV of $1.5B.
Lets not forget that fms are still a stranded orebody... Iron ore is a logistics business... They may as well just have a paddock
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