Well we know there was a fair bit of speculation that MinRes/IOH...

Well we know there was a fair bit of speculation that MinRes/IOH were logical candidates to use FMG rail under an access agreement. Presumably also an avenue for FMG to head off any complusory access agreements.

If this was to eventuate and in the words of Alwyn increase the rate of export above 6mpta, then this would have a massive impact on the payoff from IV. Not only in terms of earlier and larger revenue but ensuring most of the deposit is sold at the current higher IO price.

So perhaps IOH is letting MinRes off the hook at little knowing the potential rewards from rail acccess by not enforcing strictly the 6month clock for MinRes to develop IV?

In any case MinRes have an impressive record in getting developments done quickly and so again it feels like better things are just around the corner for IOH.