Let's be clear buying this business below cash is most probably...

Let's be clear buying this business below cash is most probably going to be a winner. Don't look a gift horse in the mouth.
I think like all commodities IO will be priced at around the marginal cost of production over the long term - that includes depletion and inflation. However given long life sunk cost assets the long term may be 10-15 years.
If you are far enough down the cost curve then KI will keep chugging, however the breakeven should include a risk weighting for the Seawall collapsing again - something I can't quantify but the company should.
GLTA