Hi onetricky,
IO at or north of US$100 is a good look for GEN. It will be a relatively high cost producer once you factor in rail, port and shipping costs from Africa but this is slightly offset by the premium for their higher than 62% Fe product.
However, I'm continuing to watch as there is the elephant I the room still to come - AUD$300 mil or so capex funding.
If only AUD$100 mil of that is through equity then that's 1 billion shares potentially to be issued at an assumed 10 cents.
So I don't see the share price heading north of this in the near term.
Unlike some IO pre-production juniors in Australia, I do believe GEN will succeed.
More patience required!!
Cheers!
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