i guess the point made by posters is that IOH will be entering...

i guess the point made by posters is that IOH will be entering into production, sometime round 1H CY 2014, when the MinRes Iron Valley deal comes through.

This throws up cash given its a mine gate sales deal and MinRes funds mine development. No further capital required by IOH. EBITDA of around $30m a year, and IOH probably has tax losses carried forward so no tax clip on that.

Whether they give this up as a dividend or throw this cash at other ventures (including Bucklands funding of port) is another question.

The AUD IO price is obviously another factor.

We may have a better idea once/if the Bucklands deal is announced and how much of the capital cost is borne by partners as per the IOH business model.