Ann: Change of Director's Interest Notice, page-16

On directors buying NWH shares, while most folk were focused on the Samsung saga, insiders knew how well, or badly, NWH is faring on other fronts - e.g., work at RIO's Nammuldi-Silvergrass mines, the vibes they are getting in respect of the Forrestfield-Airport link, and other projects like Iron Bridge - things about which we poor mushrooms can only have the haziest of notions.

On the matter of media focus, in respect to iron ore, China is the go. Not much is reported about other emerging steel-making nations like India, Vietnam and Indonesia, and their rapid urbanisation. Our journalists are too lazy to do ought than plagiarise popular mantras. Also, in respect to China, and other markets, iron ore is not a single commodity - there are ores and ores, and low impurity ores earn a premium price, and are much in demand, so some exporters are better positioned than others. All is not gloom and doom for specific iron ore exporters. Investors in NWH would do well to digest the material at http://www.riotinto.com/documents/150903_Presentation_Iron_Ore_Seminar_Sydney.pdf to understand why RIO and NWH have cosied up to each other in recent months.

I read a comment some months ago in a RIO blurb that in one casual sentence implied that RIO and NWH (without naming NWH) had worked out a win-win relationship in relation to Silvergrass, but sadly, I cannot find it again. It is not in NWH's best interest to say too much about this. so I am not surprised that Silvergrass is rarely mentioned by NWH, and I personally use NWH's references to “Nammuldi” to mean Silvergrass.