TRF owns half of IFE which it spun it out to develop the iron-ore assets. TRF also has 20% free-carry in the IO project (to mine decision I think), meaning that IFE owns the major part being 80% of the IO project.
Total interest of TRF on the IO project is thus 40% + 20% = 60%.
could be a good day, page-8
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