The real question with IRC is how long the commodity cycle lasts, and are POG able to capitalise on it. I agree with Rusty POG don't have any cash, so selling IRC would give them some. $100m is a fair price for 31% right now.
I think Pavel was hyping production (to hype the share price) if you go back to some previous presentations this decline was always known. It was just offset by increases in refractory, which haven’t occurred. This might or might not be due to the new management but does it matter as an investor? I have no doubt that POG will get there with refractory, at some point. The big issue at the moment is cashflow.