"Why would ANYONE ignore a deposit with such potential!?!"Its...

"Why would ANYONE ignore a deposit with such potential!?!"
Its not really about anyone ignoring the potential, its about the fact it was discovered in 1991 and work still hasnt started for various political, environmental and climatic reasons.

On top of that you have Xstrata saying that they dont plan to start production until 2016. Does delaying the project put increasing pressure on IRN to sell out?

So will IRN still be around by then? will they still own their stake? or will they be taken over?

"But imagine the actual price of gold/copper in 2016.
Should they be higher then I guess you estimates would be even healthier."
Labour costs and equipment cost will also rise, so i think its better to be conservative as above.

Its definately a good buy, but their are hurdles to overcome, and selling the mine pre-production wont realise as big a return as going to production.

The real major re-rating may be some years away.