Ann: Operations Update - Browns Oxide Project , page-9

re: Ann: Operations Update - Browns Oxide Pr... FIRB wont stand in the way of what appears a distressed project being kept alive. They didnt stand in the way of a 75% foreign takeover (by HNC) of AII few months ago and they werent even distressed ... and u know how open-handed Rudd is with his sino cousins. Cant see that as a deal breaker, nor the PRC Gov not approving since they own 40% of HNC. Its up to shareholders and we are being given a deal we cant refuse. They have my vote if U dont have any other ideas(?)

I picked up most of the turnover yesterday on sheer probe punt and expect to be doing more by EGM. Looking for a New Year rally across the board (?) But in any case CMR tends to do its own thing, so that aint my concern either.

U saw the "independent" valuation ........ we are now at about 20% of book value. I was / am only concerned about survival as owner of assets in same kinda form. Indicated dilution is OK from this kinda sp base cos can still plan ahead the multibaggers with CRB recovery. CMR was my GORM hedge against FIAT paper burn and thats still on for mine looking out mid term. Do u REALLY think CRB prices are gonna stay so low when mines are shutting telling us it aint worth producing at these prices ....

And I dont see PRC coming to a halt. They are playing the game recently manufactured by the yanks to overshoot prices as hard as they can to keep the cash inflows megacon alive. When that ends third primary start is on and we will see POCu at 6 bucks next primary wave up and new highs for all the others as well ... on paper burn alone. Might start in H2 next year.

Meanwhile survival assurance is key and it sure warms my heart to see GT and HNC happy to equitise the debt at 42c ... that takes away 2ic's death spiral concerns I would think. Be surprised if he aint already started
buying from 3.38 Tues pm.

Its all reward risk and as i say, there is a fine line between piracy and heroism and at this stage the pendulum swings to the latter again.

IMBOOC