I unfortunately think that Morgan's valuation of Frieda is way...

I unfortunately think that Morgan's valuation of Frieda is way over the odds as realistically GRAM is the only potential buyer unless they happen to be a seller also of their stake. Also we don't seem to know how much HIG is potentially liable for if it loses the arbitration case against GRAM and to my uneducated take on matters, it appears to me that HIG is splitting hairs in withholding JV payments which could be substantial now - to me this matter should have been settled 12 months ago as it would now seem to place shareholders at substantial risk.
The jewel in the crown for me is the Ramu stake and I also expect nickel to be one of the better performing metals over the next 12 months and it will potentially allow both Ramu project debt and HIG debt to be paid off a lot quicker than most are currently projecting.
So hopefully they can sort out the Frieda mess this quarter so the market can properly value their Ramu stake.