what is the cheapest ev pt hemitite jorc junor

"Junor" = Junior


$1Opt is a standard metric very oftern used to value JORC resources

How do the juior JORC company's stake up in terms or Enterprise Value (EV) Per Tonne of their JORC resource



My guess is HLX.

http://www.asx.com.au/asxpdf/20080603/pdf/319g37p4g8tv9f.pdf


Helix (HLX) today came out with a JORC in its JV Yalleen project with Aquila (AQA).

The Inferred JORC firmed up was 112mt at 56% in the Pilbara.

AQA are a $4bn company. Many say the next FMG. SEC and Chairlie Aitken one.


HLX 30% = 0.3*112 = 33.6MT at 56%

33.6 at 56% = 33.6mt*0.56 = 18.86mt


No Shares = 131mn
Share Price = $0.34
Mkt Cap = 131*0.34 = $44.54mn

Cash = $9mn

Mkt Cap (less cash) = $44.54mn - $9mn = $35.54



EV PT = $35.54/18.86

= $1.885 per tonne


So, HLX: EV = $1.885pt


And you think been in a JV with a $4bn company backed by US steel mills who give you a premium. The JV makes production a certainty.



Is $1.885 the cheapest our there?




See the announcement:
http://www.asx.com.au/asxpdf/20080603/pdf/319g37p4g8tv9f.pdf