what is going on, page-5

The way I see the current state of IBG and its SP is as follows,

1) the mine needs at least $1lb to break even (refer hartleys research report) so for the Greenland Govt. To grant an exploitation permit they would need to see proof the mine is viable and profitable before granting a permit (refer coy website ASX release 2011 DFS update) which at present unfortunately is not, hence in my opinion the reason why the permit application has yet to be lodged and also the reason why NFC have yet to commit funding.

2) the SP has been floundering for the above reason with L1 obviously losing patients due to volatile zinc price.

In relation to the coy's announcements that the mine is "profitable today" this is purely a hypothetical assumption based on if the mine was already built and up and running with no capex pay back.

I really hope I'm wrong but I can't see any application lodged until a sustained increase in the price of zinc which is why I say this investment is a 2015 story at the earliest.