ARI is getting belted much worse than AGO.
The value of AGO is strategic and lies in it's long life assets in SE Pilbara (needs rail to unlock) and the 46MTA port allocation.
A rail solution (one has to be foolish to dimiss one) will also lower the cost drammatically for Horizon I and Horizon II. Capex for Horizon I will taper off sharply after this quarter.
ARI at Wyalla has port capacity 12MTA and apart from the WPG assets, the rest of what's left is short mine life and small volumes.
I think the reason for why ARI share price holding up relatively well for most of last year was the latent excitment of the rejected Posco/Noble bid.
http://www.australiachinaquarterly.com.au/en/business-and-politics/item/219-10-million-tonnes-to-china-and-growing.html
I am not ruling out the Chinese be a suitor for a good slice of McPhee Creek.
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