Nobody brought up the estimated value of the proven Titanium deposit at Magpie. So, I attempt to calculate the value it. We need a help from Fobes to correct the following calculation.

"The aim here is to enlarge on the original indicated and inferred NI 43-101 resource of 84 million tonnes at 42.4 per cent iron, 10.7 per cent TiO2 and 1.6 chromium per cent; and 201 million tonnes at 42.1 per cent Fe, 10.6 per cent Tio2 and 1.5 Cr per cent, respectively, in preparation for a revised NI 43-101 report on the resource for the Magpie scheduled for year-end."

285 mil tonnes of iron (FeO3).

Molar mass of FeO3 = 103.8432 g/mol

Molar mass of TiO2 = 79.8658 g/mol

http://www.convertunits.com/molarmass/TiO2

The Titanium sport price is approx US$8,500 per metric tonne in the last 15 days. The proven

Weight ratio between TiO2 and FeO3 = 79,8958g / 103.8432g = 0.7694285

285 mil tonnes of iron (FeO3) x 0.7694285 (weight ratio) x 10.6% (Titanium) / 42.4% (Iron) = 54.82 mil tonnes of Titanium

Titanium Price = US$8,500 per metric tonne

What's wrong with this calculation???