Ann: Chairman's Letter to Shareholders , page-22

Again, no point speculating funding, SCA....etc. Utterly irrelevant. Waste of time. Just focus on the simplest fundamental points.

MMX can't fund, we have know this for months. MMX is for sale.

GM state this in no ambiguos terms. There is a sale plan being executed (read the Biz Spectator interview again).

In JHEP, there is a strategic commodity that sits right in the heart of China's most substantial strategic iron ore overseas investment to date anywhere in the world

China reiterated this week, Australia is first and foremost investment destination. Sino flagged concern about carbon tax and other imposts last week as it will take a big investment plunge soon.

Letter also reminds Sino Steel, "you already spent $1.6B for something infinitely inferior to JHEP".

They don't need remindering. They just requested Environmental Approval for Weld Range.

Weld Range (and in most part Karara or for that matter any future GBG / Ansteel projects) is useless without Oakajee.

Oakajee won't happen if JHEP is not a foundation committed customer.

Read my peoperty analogy. It's so simple.