Ann: Buckland MOU with Sinosteel, page-18

I think your comments/fears warrant some caution and that's why the share price has only moved to 18c-19c from 15c on the back of what should be a massive announcement by BCI.

We are talking about getting a 20mtpa DSO operation up and running, revenues 20 mill x USD $80 (approx current iron ore price) puts it in the AUD $2 billion p/a revenue ballpark.

And that ignores any windfall port tariff that might fall into the project numbers.

But... there have been so many projects like this where the Chinese hold the whip hand that have gone completely pear shaped as you say.

I think the market is going to want to see what any binding agreements look like before any substantial re-rate based on Buckland. The other projects still give capacity for SP growth in the mean time.