Let's not forget that TRF effectively has 60% of the IFE Iron-ore project plus the gold credits from the ore.
TRF has a 20% free-carry in the project, plus half of the 80% that IFE controls, ie 40%, total of 60%.
The TRF share price is in urgent need of a serious re-rate IMO. Of course I'm happy to buy at these levels and have done so.
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hugely undervalued, page-9
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