I agree completely. But it's a free country and if people want...

In answer to your question, i am collecting information for a book.

No I have not misunderstood the meaning of NPV. I actually know quite a bit about that subject and others (such as project finance and risk management) which will impact the future of Kogi Iron and its projects. But thank you for the advice that "Paperhanger goes back to educate themselves on the purpose of NPV ". (Oh, perhaps I should mention I was once hired by a very big investment bank to provide industry and financial expertise for a $20bn takeover they were managing for a client. I reviewed all the numbers so I guess they thought I knew what I was doing.)

It is the value of a project post-completion which determines whether that project will be developed or not - not that project's pre-development NPV. No board is going to approve a project which costs more than its post-completion market value (the situation demonstrated by the numbers contained in Kogi Iron's December feasibility study summary).

As I showed a couple of weeks ago (using EBITDA as a proxy to calculate NPV), the Enterprise Value of ALL ASX-listed iron ore companies is LESS THAN their NPVs. (The range was from about 10% to about 35% for FMG.) Yes, a positive NPV gives a board confidence to proceed but it is the post-development market value of that project that ultimately determines whether to proceed or not.

I agree completely. But it's a free country and if people want to back duds it's their prerogative. It's important to never say "I told you so".