Ann: SUPREME COURT TRIAL JUDGMENT, page-276

yeah, my guess is we will get a lot of info on phase three, four and pellet plant soon enough (hopefully) now that chinese new year is over.... we can't be far away from xinhai and pellet plant news.

i have tried to read up a bit, it appears as if we would only need around the 600kt mark of iron ore to produce the 600kt of pellets.... i.e. there is no reduced output from the throughput that i can find any mention of. therefore, it may be considered from as early as phase three being completed... This would only give us 400kt capacity, but, we can either start the pellet plant below nameplate or purchase some more iron ore for a year until phase four is up and running.

At the old margins of $44-$52 this seemed to indicate around $14-22 margin for the pellets alone (exluding the old $30 beneficiation profits/t)... 400k would still give us $5.6m - $8.8m EBITDA for a year... the plant will likely cost double this, but, even if all the profits went towards repaying the debt it would still be beneficial.

but, we wait for news to give us some more guidance.... unless there is a mention in the half yearly...