They've pegged a lot of land. Not just the Queensland iron ore but lots of IOCGU style targets in SA. Not sure what the average quality is like but looks like they have at least one so far that is a goer and a couple of JVs in place.
In some ways a tie up with HGO could be good for them - may allow them to explore using the cash flow from Kanmantoo. But its not very tempting to accept the offer given the chronic under-performance of HGO's share price. Also there are other options available that would probably offer much greater returns to ITT holders given they are currently priced as a junior explorer with all the upside in front of them. Perhaps they should keep the current structure and invite HGO to JV with them on specific projects. This kind of arrangement works quite well for GIR and some of its offspring (e.g. PMH).
ITT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
