The MOU has probably agreed a number of factors that will appear...

The MOU has probably agreed a number of factors that will appear in the final agreement - the legalese is yet to be determined.

Many have assumed that the royalty percentage will be a progression based on the price of iron ore. However is it also conceivable that there may be a time component to this, so that if FMG delays the development then the percentage may increase? As others have said there are so many imponderables that it is hard to value the company.

As others have also asked what was the point in hiring key production staff in late Dec/early Jan? The final form of the FMG deal was probably taking shape by then.

I believe that they are just too far away on Buckland Hills to need such staff at this stage, but I would be interested to hear others thoughts on this. My thought is that such pre feasibility work as is ocurring now could be done more efficiently and cheaply with consultants.

IOH of course now has a significant cash balance that they could acquire a smaller company/ share in a company that is closer to production. Afterall why would they have recruited senior production management if they never intended to produce?