Hey guys just back from o/s and interesting to note the buy back...

Hey guys just back from o/s and interesting to note the buy back has started again.

Couldn't imagine managment or the board would want to see it fall under $1, but if Greece and Europe escalates, anything is possible. Might sit and wait for a bit to see how things pan out before picking up more.

Riverdry, note your comments re FMG. I would not be so certain they will continue "come hell or high water". If that minnow :) BHP is reviewing capex on projects (i read whilst o/s with great interest they are still looking at Olympic Dam...), you can be sure everyone else is. Whilst FMG have the money (most of it via debt funding) they will need to be prudent in the current environment. The current environment leads me to think that they are no 'certainty' to ink the iv deal. Whereas there was hope this would happen this current quarter, it would not surprise if we don't see completion until late this year or early next, if at all.

I know i'm being a little pessamistic, but i can tell you from first hand experience, the mood in Europe is not good. If this sentiment starts to affect China (as i beleive we are already seeing) demand will wane and a lot of projects in 'pipelines' will be put on hold, at best.

At least ioh has a truck load of cash sitting in the coffers. If this plays out as i suspect, the good news is there will be some very good opportunities for the board to consider.

Troubling times indeed.

Cheers,
Mac


Please dyor.