speculator supports trf, page-17

FMG said they are going to spend $4bill and RIO $1.6bill to expand their operations and output.

I doubt they would bother if their analysts think $70 is what they will get in the near future.

Thorburn when you say there is a discrepancy, TRF at the AGM was valued at 47.6c and 57c with the 20% free carry. Current price 48c. Not sure discrepancy is material.

Anyway the point you are trying to make is logical numbers does not work in the market. However what I have found if the numbers stack up combined with the right fundamentals the market will catch up and even overshoot to the upside.

TRF/IFE the numbers stack up and the market will catch up.