Ann: Investor Briefing Session, page-111

LOI's to multiples of 20mt pa - sounds nice but the same as HIO can receive a lot of LOI's for more than they can produce, these large customers may issue LOI's for more than they can take from multiple potential suppliers. If a steel maker needs 10 mt pa in the future they aren't just going to issue one LOI as they know that not all potential miners will become actual miners so it is too risky to only look at securing the exact amount of product that they need. It's just the way it is and fair enough to from the steel companies perspective.