Hi 40c, yes I have to agree with you. If the price is right then...

Hi 40c, yes I have to agree with you. If the price is right then TRF will be happy to sell IFE stake. I wonder what TRFs average weighted price for IFE is. This should give an indication of what a realistic takeover price for IFE is going to be if this was going to occur. The takeover premium should be substantial.Would you know this average price TRF bought IFE?? I noticed on last chnage in substantial holders. TRF bought 200000 IFE shares at a price of 70.5c.

I agree IFE is derisked with minimal downside risk as you mentioned as IFE transforms into a producer within this quarter. The witcherry hill and hercules projects has good quality iron ore.

Funding will be via debt finance secured against 2 year DSO offtake sales already locked in by OM.

One more point I like is that the chinese have not been involved with IFE and TRF. So if a takeover was to occur it will be done at an arms lenght open to the all pontential suitors.

On the same thoughts I would prefer IFE and TRF to go alone for Stage 1 and get cashflow before any takeover comes along.