morgan ball , page-7

I think these are all interesting arguments but for me I am really happy with management. Especially the active debt reduction. I think the company is doing well by just continuing on with the current operations and looking to improve on what they have e.g. beneficiation.

BCI is great at taking iron ore out of the ground and creating shareholder wealth. Therefore from my perspective I would like to see them acquire another iron ore prospect (preferably pellet - given China's crack down on smog) and develop it on a low cost basis similar to the blast free stripping that we see at Nullagine. Yes I know this is an unusual project from that perspective, But there are still many areas unexplored in Australia so it's not a pipe dream.

The last thing I want to see is a buyout of Cleveland until we have proof that the brazil project is actually feasible. I would be a little taken aback if the dividend rose to 10%, because I think it would be better off in the hands of the companies' debtee. Risk management has been great so far and I can't see why that will not continue. Also we can't rule out a buyout of the last 25% of the JV from FMG as technically they don't own the infrastructure!