Cash Flow Model, page-75

Well said Redned.
Another risk would be China stopping IO imports. I think this is very low risk (they would hurt themselves as much as Australia) but it would be catastrophic for IO prices.... So maybe don't completely discount it either in your investment strategy, If Xi Jinping decides to pull the plug it could unwind quickly, this in not a democracy after all... (of course if you only have 5% of your wealth in the market like you its not as much a worry).

Besides that I think when you start looking at other mining sectors outside of IO you will also find some pretty good opportunities in different stages of development on the ASX..... Some other metals might not be as overheated as IO, so there may still be more upside as well in that respect. I think FEX and for instance GRR are making awesome profits compared to their MC but I don't really bank on SP increases based on rising IO prices anymore, just based on increased cash/profits and in case of GRR dividends. That might be different in cases like gold/silver/copper/cobalt/nickel/lithium/uranium and I am sure some other metals of which several may still have significant upside price potential.

All IMO.