Ann: Bankable Feasibility Study Activity Slowed, page-181

I hate to say it but I saw this comming and sold half our holdings weeks ago. it looked like a pretty silly decision...til today.

Lets face the head winds:

1/ China property sector is being decimated and it accounts for a huge amount of their steel production
2/ Germany and other parts of Europe face an energy crisis that is making steel making nigh on economically impossible
3/ Middle eastern pellet producers face either using gas, now triple the price, for adding value to iron ore whose price is sinking or exporting just the energy to make more profit
4/ Eastern Asia mills face the double whammy of huge coal and gas increases plus the withdrawal of pellets from Ukraine/Russia
5/ Citibank and other enablers are fair weather friends now facing delinquent loans from stressed mortgagees in home credit markets forcing them to look back inwards

Right now HIO is staring down the barrel of having to JV or a takeover as big wads of cash for juniors to go it alone is simply no longer attainable in the short to medium term. But I will buy back in but with eyes wide open, for this is just the start of Chapter 3 of the HIO story with big money yet to be made.