gs reduces price target and assigns a sell , page-5

belkin

1. Financing risk - Due to its size, we believe SDL will be forced to bring in a partner to help
finance the project. Given the current credit situation we believe it will be more difficult
for the company to fund its share of the initial capex.

Intresting point i hope we dont suffer from a share dilution.....

2. Infrastructure risk - Mbalam is a very deposit, situated 490km from port, and thus
requires significant infrastructure to move the ore.

Said this in the past .... going to be hard to secure it with the fighting going on over there.

3. Project risk - Mbalam continues to move further towards an itabirite style mineralisation
iron ore project and away from its original plan of a high grade DSO hematite operation.

no comment

4. Sovereign risk - Operating in Cameroon carries political and social risks which company's
operating in developed nations would not face
Yes big concern.

But i feel only .. at 10 cents .. if the nothing came true, the mine is still worth 10 cents. This my view point only ..

DYOR