Ann: Quarterly Activities Report, page-40

Yes he eluded to increased Fe% @ Shine at previous meetings. They have probably been looking for customers of the lower grades before making a decision. Perhaps they could start and stockpile at mine or the Inland port and export during higher IO prices. That will obviously depend on accessing customers during these times. Might be easier to use it to get the rail sidings humming.

IO Futures price still holding over the $110 (hedge). Not sure Shine is profitable at the US$100/t (taking into account discount) although if coupled with the rail option instead of road haulage, it may well be. I'm looking forward to W11 & proving to Sinosteel that we are capable of profitably mining their inventory. That will be the "game changer" .

One thing about JW's rhetoric, he gives hints which some might think are pump but nore often than not, he had delivered. I'm pretty sure IR has that extra 2mt he has hinted at. It is the BANK/CASH generator of the business. Hopefully W11 proves to be the progeny of IR.

Have a great weekend!