I take comfort from the huge discount to fair value. This should...

I take comfort from the huge discount to fair value. This should still be a good investment even if they go back to the Port Adelaide plan. I suspect that there are very few people in a position to properly evaluate the economics of the Lucky Bay proposition, certainly not most investment types. So the market is basically valuing IFE the same as all the other Fe hopefuls with a resource but no viable transport/shipping plan.

I think that is an overly pessimistic view. I see their shipping plans as inventive but not fanciful. My bet is that the market is being typically over cautious on IFE. If they can convince someone to give them debt funding, then that might just convince the rest of the market that this is serious.