As far as I remember was this stock trading at around 15 cents...

As far as I remember was this stock trading at around 15 cents in 2010/2011 before takeover bid of MKK.
That means a valuation of around AUD 250-300 mln at at time that IO price was between 120 - 150 $ p/t.
Market now 90-110 $ p/t and trending down so that shaves of a possible 40$ per ton margin, that brings down the npv significantly down, so the marketvalue as well, I would say 50%...that brings it to 125-150 mln which is around 5-7 cents.....so let's assume a new MKK comes a long and pays double, I would say maximum 8 to 10 cents bid. And let's assume the railway deal comes through!! then they have to rais 1 bln for setting up the mine etc etc so you are still talking about a big hurdle, you think Todd will just wire this amount for 6% interest to FMS bank account, no way this is going to cost so even then I do not see a price higher then 10 cents.
All in all that is my view, and besides that IO market is in a very volatile negative mood the last 6 months and it will not get better soon I think...but the great news is that if you buy at these levels you are in for a possible 400% upside, but then if your average price is around 10 cents or higher you won't make much unless you average down significantly, and do people dare to put more money into this adventure.
Last thing said it needs more then 200mln turnover for this thing to move, the last trading halt was a laugh, not even 700K dollars was traded that is peanuts, teriible for a company that blew 100 mln dollars shareholders money the last 5 year which accomplishing ZILCH...