I wouldn't count RIO out at this stage. Look at Bucklands, she sits 35ks from mesaJ which is a susnset mine, 240Mtns of high grade ore, rail which I believe cost 1.5mil per km across what looks like fiendy terrain would make this quite desirable and RIO are recently in the mood for JV's. So 50ish mil for the rail spur plus mine costs 50/50. A nice JV by my standards. The track is also short so easier to manage the trains.
Also looking at the IV deposit and the not drilled Coogina which must be extremely close to RIO. This also could make this end attractive to RIO this time 25 kms at $1.5m/km,sub $40mil for the rail spur pus 50/50 JV verses 110km with fMG @ $160Mil rail build. Stillnot a done deal at that end either I reckon.
The real answer here is all three are collectively looking to have 900-1000Mtns on the move withing a few years and they will all be reaching out and grabbing the easy stuff thats close by. Millions verses billions has to be an easy equation. IOH is still sitting pretty in my books.
IOH Price at posting:
$1.57 Sentiment: Hold Disclosure: Held
