News: IRD Iron Road Enters Joint Development Agreement With Macquarie Capital, page-6

I have been researching IRD because one of my mates told me about this company.

Please correct me if I am wrong. Based on what I have read can you please shed some lights on my questions.

1. DFS IRR is 21% - this seems a bit low for high grade open pit iron ore mine which also factored in higher iron ore price in future.
2. No infrastructure - IRD basically needs to do a lot of work before digging. This recent ann seems to be positive but the proposed port seems to be baby step 1 towards the ultimate goal of production.
3. based on the above two factors, I am not seeing this company produce anything perhaps for the next 5 years at least.

Thanks ahead.