tty undervalued a pe of 1, page-10

a good observation. P:E = measure of how many years earnings it takes to buy a share. if the market thinks the mine life is limited then P:E is low.

euroz forecasting 350kt for dec quarter is interesting. i thought management did the forecasting and that was at the start of the period not the end. as a shareholder, 350kt IS NOT ACCEPTABLE MANAGEMENT, PULL YOUR FINGERS OUT ! they have to do 1.2mt for the next 6 months to get around 2mt for the year. the shipping grades at 58% Fe fines and 59% Fe lump may suggest the high grade isn't digging clean and they'll be relying on beneplant = higher production costs. any drop in the iron ore price and they'll be borrowing money from big brother noble again = lower earnings potential.

production has been declining each quarter for a number of quarters now. i'm wondering if all the good stuff's gone and they're scratching around like chooks in the yard looking for scraps = higher production costs.

holding for now, but only on the punt that they might get some monarch debt back.