Ann: Northern Water Land Purchase Agreement, page-7

KIRBY

IRD have powerful business acumen
The Directors have positioned IRD to be debt free and they lead 85% of the voting power
They determine the terms that will be acceptable in negotiations.
The Fortescue presence is interesting.

My calculations have a slightly different aspect to KIRBY

I note that only part of the infrastructure corridor has been sold to Northern Water and is 30 m wide and totals 5 h/a

The total width of the corridor is probably 60 m wide which allows for a slurry line from the mine to port. Allow 4.45 h/a to make the sums easy.

At P34 of the 2023 AR all the land is on the books at a price of $9.88 m Ave cost = $9880000 / 1225.45 = $7997 per h/a

That's a tidy profit so far for the 89.55 h/a + pipeline + electrical transmission sold to Northern Water

Your note about land equals 70% of market cap is valid