Ann: Hawsons JV reset and Board appointment, page-36

if process further, it can also supply steel... forget about such low grade iron ore resource, you should check how AGO bankrupt, how Ansteel lost billions in Australia by investing the low grade project (35%) in it’s case. Donot count on 1c investment from China SOE into Australia low grade iron ore project in next 30 years. Even at today’s iron ore price , some 57-60%Fe DSO project, even not far from the deep water port, still cannot make sure they can make profits. Paper is easy to produce, but not the fact in Australia iron ore industry, never ever a <20%Fe been developed in the history, no need to mention the billions USD need to be raised.