robert mencel onstage sydney wednesday 15 may, page-20

IFE have a small dirt mine that has taken forever to be scoped and approved. The approval process in particular for dirt (iron ore) for shipment storage and trans-ship offshore is amazingly long for such a small and simple operation.

I did see somewhere where the delays to projects were the number 1 killer of the expected return.

Makes your heart go out to any large companies trying complicated processes or more exotic material than well, dirt.

The regulatory framework is patently a risk. Even in a go-forward, pro-mining state like SA.

Being now a long term holder I expected shipment and return in a year. I now spread that return over (is it 4?)... that certainly will drop my annual return rate I.F. the mine gets operational at a suitable iron ore price.