Ann: Quarterly Activities Report-HFR.AX, page-3

The nicest thing I can say about this quarterly report is that it is neatly presented. There has been no progress on the mining concession or environmental permits.

We cannot conclude HFR is lazy or poorly advised on this outline information. We can certainly see nothing happened. This must be agony for those inside the company as they sit like coiled springs waiting for approvals.

The Spanish government would want this project to go ahead as soon as possible, for the economic activity it will bring and fertiliser benefits to local farmers. I cannot believe the hold up is because the file is sitting on a cardigan-clad public servant's desk. Nor can I see from the posts here of others local opposition of enough scale to delay matters. There is a problem and it lies elsewhere - I suspect (without knowledge) environmental problems with mineral processing.

I am just trying to use logic with limited data. This is becoming suspicious.

Ash