Most holders of IRN will already be familiar with the quality of...

Most holders of IRN will already be familiar with the quality of the key asset held by the company, being approx 1/3 of Tampakan copper/gold/moly. DYOR to crunch the numbers on that asset and laugh at the cheek of Xstrata's $1/IRN share offer.

Following the extension of IRN's offer period for LST, Xstrata made an update to the conditions of their offer for IRN. Their item 2 reminds that should IRN satisfy the 50.1% minimum acceptance then Xstrata's offer will lapse.

Call me Rhett Butler, but with the intrinsic value of this asset being so far beyond Xstrata's offer, I don't give a damn if the offer lapses.

Typical scare tactics, they go on to warn that IRN's price will likely drop down to the pre-offer range. I say "bring it on". Even at today's price (higher than X's offer price!) IRN is a bargain, any decrease only helps maximise my future returns as I buy more IRN.

DYOR.