export approval from port lincoln, page-4

Yes to Vayama and Radwimps.

Port Lincoln is only for the near-term DSO hematite.

The Chinese magnetite JVs are medium term, and out of the proposed deep-water port at Sheep Hill, which is not a contentious development.

Sheep Hill is highly likely to receive 'major-development' status from the SA Gov, given it will be a key piece of infrastructure for a range of exports, including other junior's iron ore, and agriculture.

And re Port Lincoln - the EPA withdrew their objection (as the science was overwhelming), and the DAC has recommended accepting the application to the minister. It is on the minister's desk as we speak.

CXM is in a very strong position in that they are not dependent on a positive decision on Port Lincoln. The near-term cash flow will be great, and make CXM a wonderful investment in terms of near and medium term profits. But it is not essential.

The big tick, as Vayama says, is for FIRB to okay the Chinese magnetite money.

Y