I think buckmeister is on to something but I'd say rather than sell out completely to FMG, he'd water down holding to 25% of IOH converted to FMG stock (which would give him a pretty substantial holding + a board seat), rest as cash & go along for the ride. Bearing in mind his entry price is in the cents not dollars, he'll be licking a lot of cream of that spoon!
I don't think he's a miner, his primary interest is media & Cat equipment. He'll be cashed up in a rising market & ready to repeat the strategy. Good luck to him.
IOH Price at posting:
$1.54 Sentiment: ST Buy Disclosure: Held