Seaemay, where do you get the idea of "cheap IO in the ground" ? I agree it looks as though there is a plentiful resource at W Hill but it is not "cheap" if/when it gets to the market. Last estimate of production & shipping costs released by IFE was approx $80/tonne. IO prices currently $100 - have been down to $90 - and most pundits expect medium term price to be around $70/tonne. It doesn't give much support for the additional $40m capital the company requires to get first IO on a ship. Tell me where I am wrong.
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