Agree totally.From the structure i read it as the instos happy...

Agree totally.

From the structure i read it as the instos happy to snap it all up at 75c. I cant see how TRF is going to fund its part to retain 50% and not expecting it to, so that will fall to the instos.

We then get the oppertunity to buy in at insto pricing of 75c and ahead of the instos, its just your choice as to whether to do it or not. Having been in on float at a $1, dont see why you wouldnt consider the 75c option now pretty seriously, unless as you say you expect IO pricing to drop. In which case exit the stock.

Overall the instos start with $6m worth of stock and by the end of it I expect they will have funded over half (even up to 80%) of the $30m.

I expect retail to take up less than half their allocation.

The pricing at 75c will have been negotiated to factor all this in.

It looks pretty certain that the full funding will be achieved and the project progresses.

As for timings, was hoping that it was going to be shipping by Q2 next year. Lets hope that at somepoint the ore ships in 2011.

I was pegging IFE against BCI, since both had a target date of Dec 2010. BCI slipped by only one month. IFE behind the curve now. BCI had more advantageous infrastructure deal with FMG to make it happen though.

Now the company can just focus on getting it onto ships!