Ann: General Update , page-6

Eyeover

I can appreciate your difficulty in answering the question.

3 Projects.

1 Yalirimbi... No substantiated figures. Piddly quantities. Crush?? transport mileage, no cost details of course.

2 Marvel Loch..Sounds like any piece of dirt in rocky Australia. Who sold it?

3.Yalgoo I2TK. US analyst says, 2 weeks ago..."Mesabi nuggets has been a disappointment so far, because even though the purity of the iron nuggets has been up to par, the quantity of the yield has fallen short of expectations." A "bear" comment on the same report says, the costly Mesabi project has not proceeded as planned, and, if closed would amount to a sizeable impairment of shareholders capital.
Thus they have problems, but they do have the benefit of using the output in-house, no transport or marketing hastles.

These are all my opinions, but they may help you in explaining why FWL have 3 good projects.