Ann: Trading Halt, page-34

The other point is if iron ore prices are in the doldrums you need high grade canga in Guinea around 60 % Fe plus that can be direct shipped not having to fork out the capex to build a beneficiation plant to beneficiate 45 % Fe. You need canga grades like at Mt Nimba around 62% Fe in the streams. Or you need high grade hard rock which is not yet evident at Simandou North. Full marks to David for what has been achieved thus far but we are pursuing different objectives. I have high grade next to EQX and we are in the same geological settings adjacent HPX who have 400 million tonnes of 65%Fe within which is the odd 20 million tonnes of 68 % Fe which will ride out any iron ore price because of the grade and the fact it's an itabirite a premium steel mill fines product like RIO are going to produce - incredible premium prices.
Of course the focus might now be bauxite and I have no idea as to its potential in the current commodity malaise.