Ann: Trading Halt, page-72

Just spoke to simon. I expressed concerns with selling of the sconi assets. He has confirmed the deal as advertised.

He did explain that sconi is costing MLM a anual cost of $300,000 payable to queensland government. That payment is unstainable in the long term.

The capex for developing the last 25% would be a expensive price for shareholders to pay and shareholders would face massive dilution to the register to develop MLM 25%.

I did express concerns with issueing AUZ shares to MLM because of the fact AUZ will consolidation of there register then cap raise leaving MLM with worthless share holding in AUZ. So for the holders of AUZ who read mlm threads the above spells it out for u.

On a better note no objections have been filed for the bauxite project and its in the hands of the mining minister.

I asked about using the cash raised from auz sale to expand the land holding around area A on the bauxite project and the answer was no. But as far as i can gather MLM are in talks to secure other land holdings.

I asked about shipping bauxite and are we reliant on RIO ships to be loaded the answer was no we will be relient on our own ships.

Far as the wet weather is concerned if the roads arnt to wet wel be mining. The only concern was shipping wet payloads because china doesnt pay for water.

My personal take.....was good talking to simon and he seamed like a resonable guy.
He is very supportive of the bauxite project and i got the feeling there is more going on with mlm behind the scenes that isnt being discussed like....offtake, mining licence, new ground for bauxite mining. Thats were i believe the proceeds will be going, new ground to mine bauxite....hint hint.

Honestly im on the fence now. If the market opens lower ill average down.

I still think we a close to mining so there is upside to be had.