Seecat, I have heard this view before but I don't think it is valid - TRF has never been a holding company in the passive sense (apart from the ROL holding which is relatively minor). Directors of TRF and IFE are common and TRF's interest in W Hill project is more than 50 % when the 20% free carry is taken into account. Furthermore TRF's ownership of the non-Fe minerals is a substantial asset in its own right and these are now being independently explored. No, I don't see this are a reason to apply a discount; in fact IMO the circumstances should really result in a premium because IFE can do nothing with its IO project without TRF's approval !
TRF Price at posting:
34.5¢ Sentiment: ST Buy Disclosure: Held
