WORLD'S BEST UNDEVELOPED IO PROJECT, page-227

Hi Tran

although on the surface GRR looks like it could be a good reference point, it is in fact not.
The reason is Shagang which is GRR's largest SH and largest customer as well. It is pretty much certain they have full control over GRR. This doesn't have to be a big drama but it means it's interests are not aligned with SH. This the reason GRR is and always has been ridiculousridiculously undervalued.

I would hope CAP doesn't go the same route which means they will be able to achieving a more reasonable valuation.

In terms of GRR number
Production 2.5 Mtpa 65% pellets.
Cost price 90 AUD per ton (this includes pettetization)
Sale price 370 AUD (nearly 100 is pellet premium)
Cash and receivables almost 500m
MC nearly 1bil
Enterprise value about 500m
this quarters profit 168m
PE 1.5
PE based on enterprise value 0.75

And their production is at savage river with multiple decades of production left. They own 100% of this.

South Down has been theirs for years (70%) with no clear plan to go to production.