The “possible friendly takeover bid” re Magnetite Range Iron Ore...

The “possible friendly takeover bid” re Magnetite Range Iron Ore Project is still the focus of attention.

“The discussions in recent months have made significant progress towards an outcome that will position the Company or its shareholders in good stead for the future.”

Extension Hill magnetite iron ore project - Funding and advanced planning for neighbouring (unlisted) Asia Iron Holdings & its JV partners are complete – targeting 10 mtpa – production anticipated in early 2013.

Perhaps this significant progress has gone under the radar as progress is not subject to ASX announcements as it would be for a listed company.

From previous media accounts - the W.A. premier has discussed priority construction of a southern railway to service Karara – Gindalbie Metals/AnSteel’s JV magnetite iron ore project, presently at Stage 1. Mr Barnett favours a staged development of Oakajee. "There is merit in bringing on the southern rail line and the port - even the port can be a staged development," he said.

“Industry sources say a staged development of the Oakajee rail network would allow for a southern rail line to be built to Gindalbie Metals' Karara mine before a northern line to projects planned by Murchison and China's Sinosteel.” From – “It’s a big ask but I’ll save troubled Oakajee, says WA Premier” (The Australian, 10 Sept. 2011)

This is a significant statement as the OPR JV has exclusive rights to develop Oakajee and a northern railway route. These rights have a sunset clause and a major shake-up is in the offing – if it all comes together as we hope.

Priority construction of a southern railway would be a significant plus for Accent’s positioning to realise value from its major asset – its tenement bearing extension along-strike of Asia Iron’s Extension Hill magnetite project.