Ann: SIMEC Exclusivity Extended on Iron Ore Projects, page-14

If I were SIMEC I would be buying time here. We all know the financial pressure the end of the year is going to bring to HAV. The larger the debt and the less ability HAV has to pay it, the better the negotiating terms for SIMEC.

As for other buyers, there were none at all until SIMEC came along so I'm not sure why they would all be lining up now. The rail route to Whyalla and the large expansion there is the only reason I can see why SIMEC would pick Grants/Maldorky over other iron ore tenements. That doesn't apply to other prospective buyers.

SIMEC should also be waiting to see what CMC does, the lack of any news is interesting. I wondered if CMC were buying time while trying to get the necessary funding. We all know the issues with junior miners trying to get funds for a gold mine, HAV went through it for the Portia mine. In the end, they couldn't get any funding so we had the 50/50 deal.