Foretescue Metals has a market cap of $65 billion, zero net debt, and 175 mpta of production. Fortescue has an enterprise value of $370/ton.
Grange Resources has a market cap of $640 million, $300 millon in cash using miningnut's figures, and 2.5 mpta of production. Grange has an enterprise value of $340 million or $136/ton. Grange is way undervalued compared to Fortescue.
A scaled down Southdown project might cost $1.5 billion to develop for 5 mpta. Southdown's capital cost of $300/ton is only marginally cheaper than Fortescue's $370/ton valuation. The decision to build the mine is a bit like a call option. It is better to wait and see if the iron ore price goes higher, rather than exercise the option now.
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35.5¢ |
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Open | High | Low | Value | Volume |
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18 | 1214869 | 0.350 |
3 | 71145 | 0.345 |
4 | 40037 | 0.340 |
7 | 62138 | 0.335 |
Price($) | Vol. | No. |
---|---|---|
0.360 | 6855 | 2 |
0.365 | 74344 | 2 |
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