Ann: Revised Shipping Strategy Yields Substantial Cost Reduction, page-162

I must admire your dedication to the cause.

Interested in your source for the 8-10 year mine life as I was of the understanding it had 3-4 years remaining. Although with a $30m per annum exploration budget (which further illustrates the region is viable) it could well be extended yet.

Your estimates on the trucking altered 3 times in a day to exacerbate your point. The best reference we have is the annual report which covers the initial shipment.

I reiterate the grades WW achieved on recommencing was less than ours, ie. in the high 20s to low 30s ((certainly not close to 40%) as they identified new markets, which further supports the E25 statement "Medium grade manganese market is the fastest growing section of the manganese market".

While I acknowledge the factors you have outlined means the 40-60% EBIT margins ConsMin attained in recent years are likely out of reach for E25. However,, it's disingenuous of you to claim this project is "a great way to lose money".