citigroup, page-13

The trouble for UMC is that there always seems to be a big player bailing out. WHY???
Not many substantial holders want to be in this long term. Has the CRM deal / off take agreement put at risk any future agreement with RIO/BHP?? A few people behind the scenes hold that view.

The Railway resource is a first class asset, no question about it and yes one day it will get mined, but the point being when is one day. If buyers don’t dominate sellers then the share price won’t appreciate no matter how good the resource, and for this to occur we need the Australian investing public on board. Why are Aussie investors not interested in UMC in this way??? Some discussion with brokers around the country does shed some light here. A common view I keep hearing is a perception they have with the CEO.

In my view I think its time for some new blood to be injected into the UMC board with some excellent experience and credentials in the iron ore mining field as UMC progresses to the next stage. Some on the current board should leave to facilitate this including the CEO in my opinion. Then we may see some real interest in the Australian investing community.