additional 1 billion tonne magnetite , page-5

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Mineralogy Chairman and Australasian major shareholder Professor Clive Palmer has confirmed that the second 1 billion tonne project has been acquired by CITIC for over US$200,000,000 (US$200 million) plus ongoing annual royalty payments to Mineralogy. Australasian Resources retained KPMG to value a similar transaction which they have valued the Net Present Value (NPV) as A$1.5 – A$2 billion. This transaction together with Mr Palmer’s earlier transaction with CITIC last year will mean that he has extracted a NPV in the order of over A$3 billion dollars in the last twelve months. This does not include Australasian’s current project and or his shareholdings in the Company