Ann: Global Roadshow Presentation , page-14

I hold a few million, admittedly at marginally higher prices than where they are currently trading, but, I think this one has a few things going for it.
I do like the fact that CBS is still trading at below its cash asset backing, that they have signed protocols with Bahia State for up to 15mtpa of rail usage, that they currently have a drilling programme underway and that they have offtake arrangements in place with some Chinese mills.
They are potentially a 5-15mtpa producer of magnetite ore with the chance that, as with GBG, they may be able to source some haematite DSO product from some tenements to significantly assist early cash flows. Whatever, I still believe they are undervalued.