IFE are obviously sitting on a good quality, robust iron ore...

IFE are obviously sitting on a good quality, robust iron ore resource.

However the unfortunate decision from OneSteel has dealt a huge blow to the Company - the project will probably be delayed for at least two years, and the costs associated with developing new infrastructure will be ruinous.

I think the aggressive sell-down can only be partially attributed to the haemorrhaging credit markets and subsequent melt-down in financial markets, Onesteel's unfavourable decision is also to blame for the lagging share price.

I consider IFE to be fairly valued at 70 cents, given recent developments.

SS.