Judge For Yourselves Some feasibility studies in the iron ore space released in the last 2 years:
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Black Iron (2012 DFS), NPV $3.5 billion, 40% IRR
London Mining Isua (2011 DFS), NPV $2.37 billion, 21% IRR
Sundance Mbalam Iron (2011 DFS), NPV: $4.3 billion, 27.4% IRR
Oceanic Iron Ore (2012 PFS): NPV: $5.6 billion, 23.5% IRR
Champion Mines Fire Lake (2011 PEA) NPV: $4 billion, 41.5% IRR
Alderon Iron Kami ( 2011 PEA), NPV: $3 billion, 40% IRR
AXI Roche Bay ( 2012 DFS), NPV: $642 million, 16% IRR
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Which one isn't like the others? If you think I'm cherrypicking projects then show me an iron ore project with an NPV and IRR as low as AXI's.
Of all the iron ore projects in the world to invest in, from Australia to Brazil to Canada to Europe to Africa, somehow you've chosen the one project with, by far, the worst NPV and IRR results.