True value around $15-$18, page-37

Some good discussions happening here. I tend to agree that Min will not sell the remaining haul road. They need the majority stake of 51% to maintain "Control". Without that road there is no Onslow Project. They have several other levers that they can and will pull, least likely of them will be a capital raise so the Investment banks can throw the baby out of the bath tub as much as they like.

The demise of Iron ore has been overblows: Look at the numbers below from Reuters. There is no slow down in imports of iron ore - there has been some build up of port inventory but that is a months worth of consumption, nothing very big.

People selectively report the growing Chinese mining interests in Africa will kill Pilbara - What China is also doing in Africa is developing infrastructure and selling its cheap cars (All leading to MORE demand for commodities). The EV penetration in China is now above 50% - rapidly moving towards 80% within this decade. The falling cost of batteries will light a fire under the prices of EVs and BESS. China already has a 100% spare capacity for batteries, PCAM, lithium carbonate etc which will be turned on as they enter these new markets.

The demand for Iron ore and Lithium are both intact and structurally strong. We are just going through a cyclical low - Just have to hunker down and survive this. The number one thing for MinRes right now is to achieve the 35mtpa run rate and cost of US$45 - $48 delivered China by June 2025. To me the Debt is secondary as we just have to worry about making the coupon payment of $500M - which also has a tax shield of 30%- Net 350M. Let the dogs bark - Focus on delivery.