I understand that it could be a problem if IO declines over the...

I understand that it could be a problem if IO declines over the next 1-2 yrs but if this is your view, why would you want to invest in an Iron company.

We as shareholders pay management to manage and based on their forecasts they see IO steady for a couple of years and then a decline and they have planned to reduced costs then with profit remaining at current levels.

If IO drops in the near future then management can change the plan, i.e bigger scale for lower costs or look at different transport options.

I rated IFE/TRF as cheap entry as I think the IO prices will remain steady for 1-2 yrs. $50m profit in Yr 1.

Regards,
W