Spoke to Management, page-69

Up to 17 weeks till we hear from Honglin....so this is my prediction/speculation.

Im guessing the news could involve moving head office to Perth, so Honglin can manage SD development as well as be on same time as Beijing. The GRR office was in Perth when SD was being taken seriously and I think all the reports about finding a partner to develop SD was bull.

From my sketchy memory I read that GRR wanted to secure a long term future at SR, the recent and continued upgrades To plant and infrastructure combined with UG does this and will in turn cut C1 by 30 % enabling a longer LOM at SR and +$150M per year profits to fund SD.

Shagangs offtake and future operations at SR will be secure. Shagang going forward want tonnage and this can only increase from extra mining (i know footmax says somthing about new slurry mix additives that improve suspension and flow - stay tuned).

I wonder if/why the reduction in costs haven't been a major focus of GRR because unless the C1 reduction supported increases in product shipped then Shagang still has to pay market price. Of course Shagang benefits from divs but 2c or $23 M is not why they own shares in GRR.

SP to $1 if Fe holds.