Had a read of the 2013 AGM presentation - Just to fill an idle quarter hour I pulled out the 2012 AGM presentation - We had $98mill cash - FMG were still in IV - remember them ? A maiden pre tax profit of $73mill. On page 13/16 points 6 to 10 look a tad optimistic now - as does the First shipment possible by end 2014 prediction. Decided to work forward month by month through my saved announcements looking for landmark events. Dec 2012 - Positive Maitland concept study - earth fails to move - nothing on points 6,7,8 predicted for December 2012 see page 13/16 AGM pres a month earlier - must be working hard on those points. 4 Feb 2013 we pay FMG $4mill to end the IV option several weeks early. 28 Feb deal with MRL to mine IV with final mining approvals expected Q3 2013 1 Aug WA Govt approval for above water table mining at IV. Further approvals sought. 4 Sept divestment North Marillana tenements to Maiden Iron for $2.5mill plus $5.25mill later plus 2.5% royalty. List there of the 5 divestments. Pretty much anything major up to AGM. And now cash is down to $65mill
IOH Price at posting:
90.0¢ Sentiment: LT Buy Disclosure: Held
