Ann: MINERAL RESOURCES UPDATE McCALLS MINERAL SANDS PROJECT, page-12

Hi corp01,

I certainly hope you are correct, logically you would think that a change of control of the board of an ASX listed company initiated by foreign controlled entities (MZ/OZC/LB) would trigger some sort of response by the FIRB, but it will all be down to the interpretation of the Act by the relevant folks at the FIRB.

IMO it's a fortunate thing for the current IMA management and independent board members that the Chinese cabal didn't appear to have had very good local legal advice in relation to their initial EGM putch, but the right money invested with the right local law firm could change that next time. My hope is that by triggering an FIRB intervention in this instance, the Chinese cabal will also bring on some scrutiny of their stated plan to use the creep provisions to gain majority control of IMA, and be banned from acquiring more shares without making a formal takeover offer.

The other worrying aspect of the cabal's behavior, if the current IMA management is to be believed, is their intention to direct half of the existing HMC production to OZC in breach of their current offtake agreements with OZC's Chinese competitors, which you would have to assume would trigger some big compensation claims to the detriment of minority IMA shareholders.

And all this sh*t is going just as IMA is trying to manage the ramp down of Boonanarring and transfer of operations to Atlas, no doubt creating a huge distraction for IMA's management and board when they already have their hand full. No wonder the share price is in the doldrums...