Ann: Open Briefing on Mbalam Iron Ore Project , page-2

This is the bit that I was most interested in - giving some firm(ish) timelines - at least gives some ideas when we should expect progress and announcements on these issues:



CEO Don Lewis says:

"There appears to have been some confusion in respect of our target timelines for project
financing in 2010. This is a two-step process.
The first step is to secure key development partners. These may include strategic off-take
partners, constructors and/or financiers. As outlined above, Deutsche Bank is currently
engaged with a range of prospective partners with their target being to recommend the
preferred party(s) and financing terms before March/April next year with timing for this
process aligned with the recovering global economy and forecast rising iron ore prices.
The second step in this process is to close out the conditions of project financing and
subsequent draw-down of funds for commencement of project construction. This work will
be undertaken in collaboration with the preferred development party(s) and will encompass
all of the activities outlined above. These tasks involve significant lead times and we are
therefore targeting to close out conditions of financing towards the end of 2010 in
preparation for commencement of construction. We will not wait until confirmation of our
development partner(s) to advance these work programs for two reasons. Firstly, any delay
will ultimately lead to consequent delays in project commencement. Secondly, the work
outlined will progressively enhance project definition and reduce risk, therefore adding value
during the process of negotiations with prospective partners."