In my opinion I still think many of the IO miners are trading on...

In my opinion I still think many of the IO miners are trading on valuations better than the gold miners in aggregate, which I find shocking given that gold (in TWI adjusted terms) appears to be well past its bottom (November 2014) and has a brighter future:

http://investinginshares.com.au/gold-breaking-out-in-usd-trade-weighted-adjusted-terms/

I'm less convinced that IO has found its bottom yet. still hasn't hit peak production and it is seeming increasingly likely that China may have its own financial crisis in the coming months or years, which would be massively negative to IO miners (less so for gold).

The upside is that the AUD would likely tank at the same time (and Australia would probably have its own financial crisis).

Which is the point where MGX with its strong cash position would be able to pick up IO companies on firesale.