RON, IDO is a tough one. The 'project' has an exceedingly long...

RON,

IDO is a tough one.

The 'project' has an exceedingly long history, back to the early 70's in fact. Various Indo parties (Pollies, Bus. men, etc.) used to regularly approach NZ Steel for technical assistance in developing this resource, but for various reasons nothing happened.

IDO started as an Oz float with Oz mgmnt, but they have fallen away and the Co has been progressively taken over by Indo interests. Their money has kept the project afloat.

Grade wise it is difficult. Std mag-grav sep can only produce ~45%Fe. Grinding of this pre-con can only produce ~55%Fe. The aim of producing 59%Fe is wishful thinking.

Exporting concentrate is no longer an option since the export bans were imposed. This torpedoed the plans of a substantial Chinese shareholder who was interested in offtake.

The Project now relies on downstream processing by ironmaking. Ironmaking is possible but the hurdles are many. Technically you can make iron, but the economics are not currently 'compelling'.

I am curious as hell to know who the '2 ex-NZ Steel employees' are. Previously they had Hacon (MD/CEO) and Holmes (Tech Mgr). Despite what claims have been made neither had Ironmaking experience. Hacon was Steelplant manager for a couple of years. Holmes was a Steelmaking shift manager for most of his time.

I would never say never on this one, but it would take some genuinely technically experienced and smart individual(s) to pull this one off.

Upside is Indo interests determination to succeed and willingness to fund, but downside is technical challenges (right process, personnel, etc.).

Hope this helps.

sine praeiudicio