The wording of the MOU is quite clear and certainly there is no...

The wording of the MOU is quite clear and certainly there is no stated requirement for any moneys to be returned to FMG.

Highlights of MOU (13 Feb 2012)
Fortesque has made a non-refundable $25 Million cash payment to obtain a 13 month exclusive option on IOH's Iron Valley tenements in the central Pilbara.

The MOU did not prohibit other parties being interested or IOH discussing alternative plans for the site. It just gave FMG full rights to that deposit should they desire up to the 13 month MOU maturity.It also says Fortesque will obtain a licence to mine the deposits.

I think it would have been reasonably clear some months back when FMG were rearranging their books that the sort of capital required to develop this site was not going to be available or at least not in a time frame that would suit IOH. FMG would also not have pressed for the licence
required to mine the site also setting us back.

So we're left pondering the $4 Million refund definitely requires an explanation by IOH to its shareholders. No one gives $4mill away in this climate.

Without knowing one can easily assume urgency dictated the need to terminate the MOU early to allow either IOH or another to progress IV.

I'm expecting news or explanation soon.