FEX is a good business, however you aren't going to set the world on fire on JORC 10-15 M tonne deposits, nor have large production volumes or a very long mine life. Hence its current MC.
Goldworthy East could be 30-40 times larger than Iron Ridge with similar Fe grade and 400 km closer to port.
Turner given its sheer size, could be even bigger again.
You'll be proven wrong by Macro.
M4M Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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