re: Ann: Appointment of Bruce McInnes as a No... Clyde, as I...

re: Ann: Appointment of Bruce McInnes as a No... Clyde, as I lightly touch on; - there are many iterations to the scenario.

Firstly our partners are not adverse to an asset sale. But lets assume they are which is another scenario. In this situation they want to bring it to production, but ORD wants out of the SARCO JV. Under these circumstances ORD would need to bring in a partner, one that all parties are comfortable with - one who is cashed, and is comfortable in dealing with the Chinese and developing an asset in LAOS. All considerations.

NFC may express the need to move quicker than we are capable of, but they cant move without us; refer equal representation. The relationship is good.

It could be worth 10M, it could be worth many multiples of that. Hence the range. Until SARCO engages in a formal sale process we wont have an indicative price-tag there are just too many unknowns. But 10M in my opinion is low as they have ~220mt of M&I resources. Even at $1 a tonne, that is still $220M. Please note that Shandong CIF price is currently $60/t.

ABZ feasibility study for their Tasmania project has just shown that they can produce their bauxite at a FOB cost of 30/t, shipping from Tas to China. Have a read. Thats a big margin. That project only has ~5.7Mt of resource.

The point is that value is there in LAOS. ORDs share is roughly 45Mt of the SARCO resource.