Ann: Quarterly Activities and Cashflow Report, page-8

While it really looks like there will be pain, and for a few years before a Fe price turn around, IRD has some things going for it that may support a push into production.

Still has state and federal major project status.

On a % cost per tonne basis if you assume a rough 25% reduction of capex and operating costs, things become slightly more palatable.

Still going to fetch premium price for a superior product . Everyone from FMG down produce filthy product and there is no end to that kind of supply. IRD is boutique in a way to be lowish cost for premium sinter feed.

China is still prepared to lose billions on gindalbie and sino, they may finally move on from them and fund something more viable.

Significant supplementary revenue would come from the Port.

could probably offer the same labour rates as a shelf stacker for half the staff going by the performance of the SA economy!

But yes, see you in 5 years