Yeah in hindsight it would have been better for TRF to have controlled 100% of Wilcherry and not given 50% to IFE, although I'm not complaining because I am an IFE shareholder since listing and would not have it any other way.
The expected 100MT upgrade that was supposed to come at the end of 2007 and start of 2008 will now come in Q2 2008 (refer to latest announcements). I believe that Mr. Ken Hellsten parted with IFE because the management probably thought that making the first 100MT milestone was essentiely a given, then the Company could utilise Ken Hellsten's skills which are of a different sphere. 100MT has in my opinion been tougher to prove up than they probably thought in the beginning - there is some, ahem, interesting material previously posted on HC in regard to this.
I think an uprgrade will come in Q2 but I'm not sure how big. I think that an offtake agreement is conditional on more reserves being proved up, something like 100MT. What Chinese steel mill would blindly sign an offtake agreement with a Company who MIGHT have 100MT JORC? They'll wait for the time being.
SS.
TRF Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
