rabbits out of hats, page-63

Hi markco, glad I went over to Perth, it was worthwhile and great to meet some of the HCopperites.

I took heaps of notes until the penny dropped the slide presentation was probably identical to the AGM presentation notes they announced on Thursday (which I hadn't seen)...I am a bit slow on the uptake. These are some of the notes but most information was already out there in one way or the other:

They reiterated we are in elephant country - Area C 40mtpa, Hope Downs 40mtpa, West Angelas 50mtpa

Railway footprint 1.5km x 1-1.5km

easy open cut, strip ratio 1.45:1

Road haulage is off the agenda as a transport option.

3rd party rail access has strengthened their hand since the study.

have a strong relationship with the local indigenous people, which is important

Funding: perhaps 3rd party equity or JV.....they mentioned a couple of times they'd had approaches / were in discussions but couldn't say more for commercial confidentiality. This was encouraging.

Railway - measured JORC by June next year.

Sten S presented well and it's great to have him with the company. Re the study they released, they didn't include detritals but obviously the potential exists later to blend and increase the overall tonnage.

We have <2% Al2O3 impurity, fines ideally achieve <2.6%

I don't recall if he predicted lump to fines ratio, I don't think so.

Yandi Headwaters - as col and AUBoat mentioned, they're having trouble accessing for drilling with soft sand etc and going slower than they hoped, won't see much till next year. But may be too far up river system (?) for really good grades, from what I gather the further down the higher the concentration.

Jumbo Junction - the silica should be easy to wash out, and has low contaminants - they'll test this next year.

Railway East - good chance it connects into BHP tenement and then into Railway. They'll be focusing on drilling around UI362 (?I think he said that, notes not clear)

Camp Hill and Jocelyn drilling next year.

Southern Flank needs heritage clearance.

Mt Robinson possible Marra Mamba.

AB presented on the bauxite, still very much in progress and Norsk sent over a senior executive who is based in WA. Browse Basin - WA govt stipulated 15% of production to be used for onshore industrial development - at the moment there's virtually none.

The JV is structured so that UMC has a decent participation by the time it reaches fruition. They see it as a good fit with Railway - Railway to produce the short term cashflows and bauxite the long term upside with smelter...that being the case a spinoff seems unlikely (my comment)?

Citibank s/h shareholder - they fobbed it off as just existing shareholdings moving through.

POZ totally done and dusted and they had no further comment.

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Main gist - it was a positive meeting and they're moving forward as quickly as possible. Railway resource is world class and will be robust even if IO prices should halve (note they are not predicting this!) or production costs rose. We'll be hitting production when the storm is passed.

UMC has been in discussions but confidential. If anything happens, they will announce "at the appropriate time."

The muffins were good at the AGM, compliments to the chef.