sounds positive, page-16

Swiss, the original BFS many moons ago was $85p/t FOB and you needed about $18p/t to have it landed in China.

Zonker and Alberg can confirm this as well but at the presentation the other night they had a cash cost amount of $74 CIF that is, landed in China. Up to another $8 that could be added to that amount depending on if we lease the barges or if we get a loan for the barges.

So at $110p/t there is still a healthy cash profit.

Seamay I contacted the company and they thought the last DAC meeting was more positive than previous meetings, however they were not given any indications at the meeting one way or another.

As you have stated, we now have to wait for the report to be given to the Minister however IMO it would have to be so damming for the minister not to approve it. The government is so keen to get this project moving and one thing for sure, IFE have kept in touch with the government and have built up a good rapport over the last couple of years.

I would say by end of October we will know one way or another, but I feel more positive as it will be out of the hands of the greenies once they give their report to the Minister.