Excellent deal, we know with Phils Creek that MinRes dont muck...

Excellent deal, we know with Phils Creek that MinRes dont muck around and have a proven track record of getting things done.

Cashflow from Q1 2014 from Iron Valley sounds bloody good to me.

And this is a lot better than the FMG deal.

So from the announcement IOH say there is a potentially EBITDA of $20-$75m from 4-6m tonnes pa at USD90-110/tonne.

So assuming say a 3% royalty deal from FMG- then at 6m tonnes pa at USD110 a tonne gives me around $20m.

So clearly this deal with MinRes is a lot better than the FMG deal with a lot more upside and exposure to a rising iron ore price.

Seeing as the market took this up to $1.60 at the time of the FMG deal then this is a screaming buy to me, particulalry as we are due Bucklands choice of partner news by end of the qtr.

And Bucklands is the jewell in the crown, as Alwyn said in the IV announcement today Bucklands will "deliver significantly higher value upside to IOH when the port lease is secured and the actual potential of an independent mine to port solution at relatively lower capital cost is recognised by the market".