Andyno3,My understanding is that the Wilgerup deposit should be...

Andyno3,

My understanding is that the Wilgerup deposit should be up and running much sooner than that.

The 2013/14 timeline is for the major WISCO JV that is intending to develop 2x 5mtpa operations that will ship directly out of Sheep Hill. Note that 2013/14 is for implementation of the development (which I read to mean after a BFS they will be constructing infrastructure and developing the mine operations).

Wilgerup is closer to Port Lincoln, is 100% CXM owned and operated and, as far I was aware, due to start shipping iron ore within 12 months from when I last held shares (several months ago).

My expectations are (were!) that Wilgerup will be operational in 2011 and earning operational income for CXM.

As I read things they are expecting the final MARP approval in the Dec-10 Quarter that will give them the green light to accelerate the Wilgerup operation and with all that cash in the bank are well funded to do this.

Negotiations with th rail operator and port I think are the final pieces to be put to bed for Wilgerup and then it should be a simple step-process to becoming an actual miner.

CXM have a truckload of cash in the bank and a very very large actual and potential receivable (after balance date) from the WISCO JV.

(although some will go in tax next year and CXM have decided not to include $108m of this in the balance sheet due to the performance requirements being uncertain at this stage).

They have significant payments still to come if the drilling can firm up a good sized resource and the Baotou JV is well funded (to the tune of $40m!) to drill and assess another major land tenement.

The Sheep Hill development is further opportunity to be an owner/ operator of key infrastructure.

CXM is a good potentially profitable investment but will be a slow grind of steady development and announcements over the coming few years. Drill results from WISCO and Baotau will provide the quick spikes up in SP from time to time amongst (IMO) a steady upward trending SP.

Cheers
John