I agree Springbee. The video was very impressive. One more thing...

I agree Springbee.

The video was very impressive.

One more thing that I forgot to mention.

After the meeting when I had a quick one on one with Nanda he said to me that Bevan is the biggest and the best magnetite project in the world.

These were his words.

I asked then: so why haven't we bought the rest of it from HAW?
I said, why do we care so much about the price when in the end the $10M, $20M or even $30M that we may pay is only a tiny percentage of the total cost of the project.

He said: why pay for it now when we don't have to. It's there and it will be there. Right now it's better for the funds to sit in the NMDC account. If LCY borrowed the funds there would be an interest cost which shareholders would need to pay and therefore we would get diluted.

I must say that I agree with him.
What diff would it really make to us buying it a year or more ago.

HAW tried to force us to buy them out by not allowing us to do any work on MB for so long. Their strategy didn't work because it also had a negative effect on HAW's SP.

I think they've realised it and gave us the go ahead for stage 4 to help lift their own SP before their AGM.

Guys we all shit on NMDC for being extremely slow and doing bugger all for LCY but if you really think about it properly they are a lot smarter than we give them credit.