Ann: Update on Cornerstone Investment, page-17

GIG

That's not correct, OMH has approx 740m shares in issue where GMC has billions plus a large number of options. OMH has 18 furnaces, 16 in Sarawak and 2 in China, it has one of the lowest power costs in the world due to a 20 year low cost hydro contract. GMC as I understand it only plan 5 furnaces and no detail has been given on their power costs.

Power is key and you only need to look at Steelmin to see that, they went into production in May with a revamped furnace and had to halt production in October as the cost of power meant they could not make money and that remains unresolved.

Hopefuly that will not happen here and the high quality of ore should certainly help but I dont see this as a billion dollar company like OMH.