When I opened the announcement this morning I too was initially...

When I opened the announcement this morning I too was initially left underwhelmed by the announcement as I struggled to understand how this positive longer term development strategy would help finance our mining start up. I believe that In this market the market cap will only be driven by near term cash flow potential not longer term potential.

Having had time to consider the announcement against the company's development strategy I would propose a slightly alternate view to that currently being set out by frustrated holders.

The Saudi investment appears to be very much linked to their efforts to attract a steel making industry to diversify away from reliance on oil revenues. The middle east is the home to much of the new greener DRI plants with significant development in places like Bahrain.

This limited study demonstrates that it is encouraging to pursue the concept to feasibility study level which was always going to take years.

Now that the concept appears to be viable to achieve the longer terms aims of the Saudi's, it allows the Saudi's to pursue the stage one development of 68% FE concentrate as discussed last year in detail.

To put it another way. Why would the Saudi's be interested in investing in a small magnetite operation in America unless it was part of a bigger picture?

Today's announcement would appear to provide the Saudi investors with the longer term comfort to invest in the short term mining development at Buena Vista.

Last year Neil talked about starting the plant at 800,000 tpa, and increasing it later to supply the proposed Hi-Smelt plant in Saudi Arabia.

Therefore this study appears to be broadly in line with what was said last year.

I agree there is self inflicted pain for the Company from its use of terminology around Studies with some loose wording in previous announcements. They have created their own confusion.

However, if you look at this from a short term perspective I see this as positive.

The Saudi's are now provided with data they apparently requested to make a decision on the initial investment.

The data I would suggest should meet their long term objectives of creating viable long term green industries in Saudi Arabia.

The start up plans for the concentrate operation always envisaged it would take time to build a new plant in Saudi.

Therefore this should actually be seen as a significant step in the process of funding and developing initial operations at Buena Vista.

Its only my take but I thought it is good to have a different perspective.

Lets hope something finally happens soon.