Ann: Centrex and Baotou Sign Joint Venture Agreem, page-2

re: Ann: Centrex and Baotou Sign Joint Ventur... More good news.

I often wonder whether, if Centrex were based in WA - and had the same deals with the Chinese, the same resources and near term production, would they be higher priced? I suspect so...

Because when you look at the money that WISCO, and Baosteel, have invested in CXM, and assuming FIRB approval (which should be imminent for the WISCO deal), CXM's EV is small compared to peers in WA.

- Near-term hematite production out of existing infrastructure (Port Lincoln) - ministerial approval due any day now...
- medium term magnetite production out of new infrastructure
- Large cash backing from two separate Chinese giants
- A favourable mining jurisdiction
- A strategic advantage over other juniors who will hang off the new infrastructure

That is okay. I can wait. We will keep CXM our little secret ; )

Y