The trouble with IFE, Tarski is the high production cost and limitations of shipping. If the earlier estimates of costs of $85 - $90 pt are still accurate (a big "IF" ) then there is still a profit margin at current IO prices - but not really enough to support any significant loan finance. If IFE can get consent to stockpile near the port and thus avoid the need to purchase 3000 containers at a cost of $20m (previously unbudgeted) then it might just have a chance of a successful CR for the $15m it needs to get IO rolling, but the CR is going to have be at a very low price (I would guess 20 cents per share) to be attractive to new or existing s.holders. If stockpiling is not approved I can not see any way IFE can raise $35m and she is dead in the water. Then what happens ? Either the project is mothballed (not a long-term option when it is IFE's only asset) or the whole thing is sold to a bigger player. There must be some underlying value to the resource and existing consents - I am guessing $20m (which equates to about 20cents p.s. but would be very interested in other peoples estimates of value. If this is roughly accurate then the SP has a ways to go (down) yet. 20 cents looks like the magic figure whatever happens. Thoughts ???
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