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Good Luck with this stock, last paraghaph says it all!


On 16 October 2009 UMC and BHP Billiton Group (ASX Code: BHP) announced a
proposed conditional $1.30 per share cash scheme of arrangement between those
parties subject to the above transactions between CRM and UMC not proceeding.
We understand from CRM that each of the preconditions to completion were either
fulfilled or capable of being fulfilled by CRM before 7 December 2009 (including the
receipt of Australian Foreign Investment Review Board approval on 26 November
2009) save and except for the execution of an iron ore offtake arrangement between
CRM and UMC.
The Company is therefore disappointed to advise that completion of the Subscription
Agreement between CRM and UMC did not occur on or before 7 December 2009.
The Company used its best efforts to introduce CRM to UMC and to foster a
partnership to independently develop that entity’s Railway Iron Ore Project. CRM is a
reputable and highly credible Chinese State Owned Enterprise with unparalleled
infrastructure expertise and one of the largest steel product end users in China. With
such a strategic partner, the Company believed that the future prospects for UMC
and its Railway Iron Ore Project looked bright. Despite this, UMC and its Board
favoured BHP’s conditional cash scheme of arrangement at $1.30 per share.
The Company believes that Chinese investment in the Australian resources and
infrastructure sectors has significant benefits for Australia and Australians. Chinese
investment participation has the potential to fast-track project development, provide
or improve critical infrastructure to debottleneck Australia’s vast natural resources,
improve overall mineral project economics and facilitate job creation.
Along with its joint venture partner CRM and other Chinese contact networks, the
Company continues to seek business and investment opportunities in the areas of
infrastructure and off-take arrangements in respect of mineral resource projects.

A core focus of the Company involves working cooperatively with resource companies
and management teams it identifies as reputable, trustworthy partners to achieve
their corporate objectives where they are aligned with those of the Company.