RE:RE:Platreef assets alone should cover the NAVI would not discount South Africa for political stability reasons. Congo yes, South Africa, no. English legal tradition with long history of property rights and precedents for mining firms within the jurisdiction ease my mind. However strike and union labour in the mines could spell trouble in SA. I agree about lack of financing risk for the mine. They will have to raise funds and could misexecute.
I don't believe in efficient market pricing vs value, so 90 cents is likely undervalued. Price is what you pay, value is what you get and the value doesn't change along with the daily speculative price moves. You get a whole lot of mine for 90 cents...along with challenges to bring it online. Another risk is technological, i.e. if a better catalytic converter is developed using no platinum or palladium, then demand for the metals coming from platreef is materially reduced.
For me, Ivanhoe is a buy and very long hold. If platreef works out fine, it's a winner. If Komoa and kipushi come through its a monumental investment victory (but only if you can stomach the news and challenges and hold on). Friedland is not a mine builder, he's a master deal maker. In Voisey, he played 2 or 3 big mine operators off one another to get the max bid. So Friedland will likely maximize the value for Ivanhoe shareholders when he brokers deals with mine operators for the 2nd phase development stages for each of these projects. For example, Friedland will likely bring in more Asian operators to play off Zijin to bump the bids (assuming DRC doesn't expropriate). We saw phase 1 for Komoa at 1.35...if it settles, id expect it around 2.00 over time. Normal market conditions moves it to 4.00. Phase 2 moves the price up again based on production value and by that time mining will likely be back in heavy favour.
Cheers