Ann: Quarterly Activities Report , page-14

At least 4 Brokers that we know of doing a report. Seems like the SFZ Salesperson was doing their job in promoting the company.

The Clients that bought in at IPO with 40c would be spewing at the moment seeing it's at 21c. There's still a good chance of them getting their money back with a little extra for the risk.

My accounting hasn't been used in 20 years. If SFZ do end up making a profit of $24m p.a., would a PE of 12 be fair to work out a reasonable MC? At $288m, with fully diluted 480m shares, that'd be around 60c per share.

Hopefully Vale do come in with an offer in that ball park. It'll take some time for SFZ to realise that type of profit. I think it can only be done with the Concentrator and a ramp up to 3mtpa.