Ann: International Coal Preparation Congress, page-17

We have have reviewed a number of “coal washing magnetite” projects in Australia mainly from magnetite tailings and we could not make them stack up and that was with the product already mined and ground
australian market is circa 250,000tpa
there is millions of tonnes stockpiled in South Africa which goes to Asia
what attracted us to the Bynoe resource was that it could be upgraded at a courser particle size than other magnetite resources, so less energy and capital cost, it does not make sense to base a PFS on a market with no depth and increase your production costs at the same time.
Reducing your volume and increasing your cost base is a different approach
The should be reducing the volume of directors
As the funds dwindle it wouldn’t surprise me if the board offer to swap their fees for shares
interesting times