Ann: MoU executed directly with Andhra Pradesh Govt, page-36

At the completion of Phase 2 I highly doubt Septembers Phase 3 plans remain the same

PHASE 1 - Modelled Net cashflow (EBITDA) of $4M per annum1 • 200ktpa Kurnool beneficiation plant and iron ore projects in India, sales commenced. • Product under offtake agreement with BMM Ispat, spot sales of NSL specialised product.

PHASE 2 - Modelled cumulative Net cashflow (EBITDA) of $6.9M per annum1 • 200ktpa Kurnool wet beneficiation plant expansion targeted for completion second half 2016. • Product under offtake agreement with JSW Steel and BMM Ispa.

PHASE 3-4 • Targeting 1.5 million tonnes per annum throughput by end 2017. • AP14 declared project of National Significance

Hopefully an updated phase 3 Plan: will read something like this now as taken from Thursday release

The MoU, executed between NSL and the GoAP directly, is overarching to the previous MoU NSL have executed during 2015 with the AP Mineral Development Corporation (the GoAP State mining Company), and covers the mining, beneficiation and pelletisation of low grade iron ores in the State. The basis of the MoU would position NSL to be producing in excess of 8 million tonnes per annum of iron ore in the newly formed State. In addition, the MoU includes the construction and operation of a centralised pellet plant, again reinforcing NSL’s strategy of value addition in the Indian iron ore industry.

With financially secure backing from GoAP and the State Gov I think far more attractive terms than recently  acquired could be achieved also.
So maybe our old 5 year plan to reach 5mill tons P/A without assistance has just been upgraded with alot of assistance to a 8mill tons P/A 2 years plan plenty of new things to think about here

The first one Im trying to get my head around is how much steel is required to build an industrial estate 10km long by 11km wide  28000 acres?
And when completed how much steel will these businesses require to operate?
Mind boggling 8mill * $5 per ton outright profit is nearly 7times our currant Market Cap.