I have been puzzled on why a stock which has a proven history of...

I have been puzzled on why a stock which has a proven history of performing is trading so cheaply. If you take an iron ore price of $100 CFR China (62%) it is now $125. If we assume AUD 90 cents. That would amount to $111/MT. If we assume AGO sells for $105. At these levels They will still make $20/MT. So if the only produce current levels of 7M MT, that would produce $140M profit. If you decrease that to include admininstration and exploration would be in excess of $100M being 9 - 10 cents eps.

If the railway does not proceed with FMG and Horizon 2 and 3 never proceeds, is that what people are factoring in. With 300M in debt, AGO could still repay that. Furthermore some of these assets could be sold to recoup all the losses in future years.

All in all, these levels are factoring in a worst case scenario, AGO will have $250M operating cashflow, they will produce 7M MT and in future years this will go to 10M.

Even if you assume 30 eps and price it around 7x that equates to $2 per share. Maybe analysts are assuming large writedowns. This is cheap.Buy Buy Buy