**on to review china's belinga deal, page-8

Hi Westcott

Thanks for your detailed informtaion which get me deeply into this once in a lifetime opportunity to invest in a company which has the potential to increase its sp by $1 each year.

My only concern for Vale to take over the project is if Exim Bank earmarked $3 billion for the SDL as I suspected and it's done partly because of the Chinese involvement with the Belinga project, the loss of this project to Vale will delay the SDL project. Having said that, this may give us more time to top up our own investment in SDL

Best regards
Tony