Ann: SUPREME COURT TRIAL JUDGMENT, page-253

hi daniel,

i am trying to remember where i read or heard it... but, i don't believe there is actually any hard and fast deadline on the steel mill... it is basically ongoing, it was feared 30 june last year was the deadline, but, management have indicated that is not the case, and still ongoing.... naturally everything has been delayed, so too has this of course...

but, to be honest, at this stage i am personally not banking on the steel mill... there is a hell of a lot of water to go under the bridge on that side as yet...

i think the 2.5mt plans laid out before us, along with the pellet plant is very achievable. Then, a steady scale upwards towards the 8mt per annum hopefully.

the pellet plant has been indicated as not a big capital outlay and very profitable, so i can certainly see this being achieved.

steel mill may happen, but, with things like our collaboration with minera being undertaken, i see that there is a big chance we will stick to iron ore and pellet plants only, and collaborate with others in helping them feed their steel mills.... i think once we have a 1mt plant up and running the enquiries and offer to set-up collaborations with the likes of JSW etc will also come forth. i think we will stick to where our knowledge base and experience is... my gut feel only but.