trafing halt, page-15

The $38 Mill cash represents 22c per share (38 mill divided by 166 mill shares on issue)which shows you how ridiculous the current $1 share price is given these are only minor orebodies of IOH (and I have ignored the royaly - worth $12 mill pa. assuming 5 mill tonnes per year at $120 per tonne - although we do not know when mining would start - could be a few years out).

The big action is yet to come - Buckland Hills (JV with Aquila or sale plus royalty?) and Iron Valley (likewise with Fortescue).

Interesting that there was a comment that some of the $38 could be used for "capital initiatives". Could this be some share buybacks to stop the stock price falling so much on such low volumes?