Ann: Paulsens East Iron Ore Mining Operations Optimised, page-8

This announcement is what you could describe as Incompetent Leadership trying to put lipstick on a pig ! The simple fact is they have done diddly squat and now they are putting out this smokescreen. Unfortunately I am not surprised.. Promises Promises !!!

This is still an "i hope" plan as nothing seems to be locked in. It is all still just a proposal and they mention repeatedly they have yet to reach FID (Final Investment Decision). They are also yet to get product approval.. They are also yet to agree with PPA on a user agreement for Port Headland (Phase 1). They are also yet to agree on a project/offtake facility. There is no guarantee this will get off the ground.

Phase 2 - Still subject to finalising terms with a transhipment operator, subject to environmental and port operation approvals. Probably a whole lot more not done as well.

Timelines mean nothing to these guys.

ps... I hold SRK indirectly.