In a recent announcement IRD said the resource tonnage had been discovered for a cost of .06 cents per tonne. This is approximately 25% of today's inground value of tonnage. 12 months ago the inground value of magnetite was three cents per tonne.
IRD is raising more than three times the capital in this share issue than envisioned in the conclusion of the Blue Ocean Equities report. They are fast tracking the project . The building of a railway line to their port handling facility would be only utilised 30% thus leaving plenty of room for expansion of the project. A train car dumper would only be used 70% of capacity thus leaving room for expansion of the project [again]
I think IRD is worth the investment.
IRD Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
