On further thought, I recall that the BS reserve for IOH & AQA...

On further thought, I recall that the BS reserve for IOH & AQA combined is 480mt so if we assume a 20mtpa operation at $50 C1 cost @ $100pt then we get $1,000 million PROFIT. The down side being it would take extra years to achieve this. So an offer (TO) to IOH of (say) $5ps ($800 million) would sound reasonable if KS sees this as fair value.

Interesting times ahead.