Ann: IGO: Update - Western Areas Scheme of Arrangement, page-24

WSA might actually bid for PAN. Now that PAN is a performer,
It just made WSA a must sought after asset. Imagine a combined nickel production of
6500 to 7000tons/ Quarter , 4,000+ for wsa and 2500+ for PAN. With a minimum 12 years
mine life. This is what Macquarie envisioned as well. Goodluck IGO with that $1.1B bid.