Ann: Half Yearly Report and Accounts, page-3

I am fully supportive of CUF management but in the current cost environment we struggle - high grade ore - great transport costs and port capacity and can't make a profit.
And setting up a new mine in managements own words -just too difficult.
That's why I have moved to Guinea as AMD have done with David Flanagan on board.

I already have a large granted tenement - team on site -and potentially billions of tonnes of high grade hematite -goethite - itabirite and canga (detritals) -the canga alone grades about average 60% Fe. And three multi- user rails and ports in existence or under construction. But CUF aren't listening :-(

Fair chance that Guinea will do to a lot of our iron ore industry that Indonesia has done to our nickel industry and the powers that be never saw that coming either -