The reason both IFE and TRF shares are priced where they are is because imo there are:
1. Still doubts that the iron ore project will go ahead despite everything that has been released. The definitive feasibilty statement has not yet been released, nor full financing obtained.
2. Still doubts that the iron ore project will be profitable as there are still some fears of an official double dip recession in the USA and Europe and collapse in commodity prices. Investors remember the commodity price collapse during the 2008 GFC.
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