hebei steel, page-3

Puff,

This is what the Directors are shooting for - to get Hebei and/or Rockcheck to take a strategic stake in AXO, not unlike Ansteel did with Gindalbie and Wuhan did with Centrex (CMX).

As Hebei is state owned they would then be able to seek the financing at high LVR's and very competitive rates from China Development Bank - the same way Gindalbie raised their ~ $1.6B.

Sure the delays with this project have been numerous - EPA approval, engineering costings, , note buyback, funding etc but the directors have come through with most of the goods -albeit belatedly.

They have everything to lose being the largest shareholders in the fully paids as well as RockCheck who has thrown over $14million into AXO equity to date.

Good things sometimes take time.....