Ann: Acquisition of Mid-West Iron Ore and Port Assets, page-23

Watched the webinar.

JW seemed more focused on the port expansion and seemed to want to push the growth in a logistics company as opposed to mining. Though I was a bit disappointed on his comment there around logistics. He said, they won't be using the rail sidings right now, but seems obvious to use them, ie. you roadhaul the ore to the rail sidings and then offload and rail them the remainder of the distance to Geraldton. It immediately grows your capacity by reducing the distance needed to roadhaul without increasing truck capacity, but he didn't mention that. Sounds like he wants to focus on transporting 3rd party ore around WA.

Sure he was encouraged by the blending opportunity, but it doesn't sound like they've done enough work on that, ie. they couldn't say if their off take would allow for blending of a weaker product (the offtake is for 50% of their production).

The Extension Hill assets are ok, but they have no idea what to do with them. They were thrown in as part of the "package".

Without saying so, he indicated that there would be pressure on the dividend due to ongoing capital commitments, inferred that Shine will take roughly a similar amount to Iron Ridge to bring back into production so $15-$20m needed right there.

No mention at all of Pharos which was disappointing when he was asked a comment around further growth opportunities.