It is my speculation that SMC would have moved on IRN by now but...

It is my speculation that SMC would have moved on IRN by now but for the fact that they were not been able to raise the amount of capital as was originally hoped (mainly due to the bearishness of world markets). HOWEVER, SMC is still interested probably a lot more interested if it can buy the stake in Tampakan with $210m in the coffers.
Xstrata no doubt would also much prefer to deal with a local.
It is interesting that Goldman Sachs also has been hired to organise the CR. The IRN rights issue might be the thing that will deliver the alpha return on this year's portfolio