While 15c would be great I can't see it happening in the current...

While 15c would be great I can't see it happening in the current market. Remember the MMK offer was higher than valuation. The Ernst & Young fair valuation was between 15c and 28c at the time with a midpoint of 22c. And there were 1.8b shares at the time. Equivalent midpoint valuation now with 3b shares is about 13c. The MMK offer was in 2012 when IO was $140/tonne. Now its about $60. Although its rising currently it always does this time of year and could easily slip back towards end of year. We live in volatile and uncertain commodity markets presently. Based on the above I believe a fair valuation would be between 7c to 10c. I'd love it to be higher but if I face reality that is what I come up with.