citic group to the rescue, page-29

Madagan: "CITIC Pacific's major shareholder is CITIC China and CITIC China is 100% owned by the Chinese Government."

Thats ACE. I actually first heard of Citic in 1992 when it purchased Ambiak Pty Ltd in my home town.Thats nearly twenty years ago for me Magadan(thanks anyway). Ambiak was a wool broker and grain trading business operated by a Gentleman Called Stan Deans. Stan was less than forthcoming in relation to the actual cash flow of the business and its true position. Let us say there was a great deal of confusion. So much in fact that Ambiak Pty Ltd went into administration and recievers were appointed.

Citic dropped the lot.

Citic arn't brain surgeons. I would suggest thats evident due to their recent travails on the foreign currency markets. May I also suggest major expenditure on a Magnetite mine when data reveals that 60% of Chinese Steel mills are no longer making a profit may be less than optimum as well. Oh well i think they will probably proceed in all likihood(unless of course the global Tsunami is at its most destructive). As for Clives RDI float...........................