Ann: New Customer - 20,000t PO Received, page-82

I think it's taking longer to figure out than they anticipated. NSL are using a third party for the PFS, and that obviously involves three way communication between NSL, Weihua and the state government of AP.

Since the Government have officially handed over the land required for the project and Weihua have already invested in some elements of the steel plant, I would say it is slowly chugging along in the background.

NSL may need to get their operations fully up and running before Weihua invest further into the project in order to demonstrate our capability. Alternatively they are simply working out the finer details of the plant, including how NSL are going to be able to supply it with ore and how NSL are going to have the money to operate it until it is cash flow positive.

My gut feeling is that it's well and truly still happening, just a lot more work than was originally anticipated when they announced short timeframes to the market. Just my opinion though, obviously management know the real situation.