Your view is a reasonable one to hold, but I reckon 50% of...

Your view is a reasonable one to hold, but I reckon 50% of something is worth a lot more than the big risk of 100% of nothing. It is a huge task taking a small mining company (alone) into production, a task, with respect, that you are maybe underestimating. Bruce Griffin has done a tremendous job, at least to date. I like it that he seems an underpromise/overdeliver type of CEO.

I understand that the partnership with Yansteel has risks, but the rewards appear to outweigh these. Ultimately the asset is on Australian soil.

The move into Brazil is nothing more than an option at the moment. Griffin has real expertise re mineral sands and I am happy as a shareholder to let him decide, based on unfolding events, whether this is a worthy way to spend the bountiful proceeds that will surely flow from Thunderbird.