"This DSO is really only a quick win for shareholders as it will...

"This DSO is really only a quick win for shareholders as it will fund the bigger project which reduces the need for massive spend later on ? if IFE want to produce 100m+ tonne of Iron."

well this is exactly the rub for me. They will start selling their top of the line IO into a market where demand could very easily be on the slide. $50/t margin now seems good but just say we had a market weakness for 1-2 years time?

To me this is a high risk game and I'm not certain that now is the 'low cost entry into IO'. Wait till the market has a problem then you'll get cheap entry.

Options would be the safer bet in my eyes. At least there'll be income when they expire.