approves port development, page-7

disappointing reaction, no doubting that.

however, you cannot take a horse to water and make it drink. we are now a producer with what may or may not be further hopeful exploration but i am not counting on that at all. it is about ife carrying everything along. let's hope trf does not waste any future cashflow from ife.

seems not everyone is on the back of the same envelope here, just the few regular trf and ife punters altho some of you have been away for a long time. no newbies really. they will join in the fun we hope at some stage.

news on this will follow in the press as will the progress on port construction.

news will follow of finance supporting development.

news will follow once that first shipment is made and those first receipts are in.

iron ore YES has reached a certain level of over supply but few, if any, other iron ore mines will be progressing further at this stage of the economic cycle.

this gives ife one advantage medium term, the same one it lost past yrs by not being ready !

the AUD is at odds with USD so benefits will be there from the AUD currency perspective of weakness but the price of iron ore still has to be sufficient to keep the cash flow profits realistically sensible or much better. I have a feeling some may not be thinking this is going to be as good as it was and they are right. we are cyclical. times will change but we are nearer the low point not the high point in AUD revenues. imo anyway.

the Baltic index continues to soar past week so that is saying products are moving, if not iron ore but this usually happens pre chinese new yr so a pull back here into the new yr will not surprise me but it does imo remain a positive.

time to set up, mines not going ahead, china consolidating, usa and uk improving with eu imo not going anywhere very much but all good for the economy on balance. we are not going down economically wise world wide but we're not booming for some time either. my opinions.

on balance, mr mkt has not recognised things yet where ife is concerned but the future is far better than at any time since 2006. the assets bought, explored for to date are now able to be realistically valued. trf is stupidly priced compared to ife but as I said earlier, you cannot make the bally horse drink. we all see things very differently.

many times we have been disappointed. many. credibility and trust must be restored imo.

we are based. short of any left field events this is now one for investors to see through. what, 20 yr mine life ? time is on our side if you want the ride. I will not be selling out long term but may lighten at some stage.

without doubt a very strong long term buy but not many seeing it that way atm.

ted's put his new red Ferrari back into the show room. he's gone to get a pony and cart. far less stressful, he tells me. he's off to lucky bay. gonna open a fish and chip shop. soon be many punters reckons ted.

take care.

be good,

40.