whats your exit point, page-33

phatman, UMC has stated on numerous occasions that the best possible route to production is mine gate sales. Not sure where you have been reading 50/50 with RIO from.
UMC already have a inferred JORC of 111.3mt and a higher grade component of 84.5mt @ 60.15% WITH LOW IMPURITIES.

Companies with this level of quality ore will be the ones to survive once prices come down.

Iron ore prices in 5-10 years will be important, for profits in that period. As Alan mentioned UMC hope to start producing at the end of 2009 or early 2010.

Phatman, I would urge you to have a look at RIO's total resource and the quality of their ore and FMG's for that matter. They will be in the market for premium Marra Mamba DSO ore if they consider any TO's.

I'm not sure how the drilling is going with FMS, but it takes a long time to prove up even 100Mt, let alone 300mt etc.

There's been one hole reported with a 8m intersect but no grades or impurities.

Just to let you know, I first stumbled across UMC when someone made reference to my other Fe stock on a UMC thread, did my research and was blown away with what I saw, that was feb 07. My point is this isn't a US v YOU thing. It's information sharing. Just because someone owns FMS doesn't mean they're not allowed to own UMC and vice versa.