Jayinauissie,I'm not sure if I am understanding your initial...

Jayinauissie,

I'm not sure if I am understanding your initial post on this thread properly.

Surely when you are valuing TRF vs. IFE you need to take into account that in addition to the 20% free carry that TRF have (ie your share of profit x your 20 PE ratio) they will also enjoy 50.3% of any uplift in valuation in IFE.

Thus, in your calc's you would have to prescribe 50.3% of your IFE valuation to TRF, then (and I know you've purposely ignored it) estimate value for the lead/ zinc/ silver and the gold in addition to ROL.

As split says, TRF is viewed as a passive vehicle and will most likely trade at a discount to the sum of the parts (thus creating buying opportunities) but its collective assets are looking very sound.

What I like is that they are going to be monetising their iron ore very soon. It is all well and good that China is consuming so much iron ore presently but IMO it is a waste of time investing in a small exploration start up now that has no prospect of producing for 8-10 years... who knows what the commodities landscape will look like then...

Like CAS, TRF will be monetising its resource in the immediate short term thus turning potential into folding stuff. I'm buying more.

Cheers
John