Ann: SAFM AGM - CEO Presentation (Amended) , page-6

BCG...With some slowing of China, SFZ is ideally situated in selling the local market.

Worse case scenario is SFZ puts a toll booth on that access road.

My view is these guys awarded themselves a bucket load of shares, this is a quick return play.

The resource in on both properties so SFZ are out to prove up their side of the fence and should Vale wish to extract a larger pit profile, then logic says that one or the other will mine the resource. Either as co-operative, toll mining or take over.