Another buy back in September, page-16

If sold all the shares cannot be bought back as the limit is 10% in any one 12 month period. Before calculating this years money given back (80m) as being a start point for the coming years you have to look at the previous years since tshipi opened in 2012. The dividends for those years was nil primarily because the price dmtu was poor. You cannot simply assume the price will remain the same, in recent years it has gone from a high of over $15 to a low of around $1 dmtu.

Steel output predictions for next year differ but many give a downward forecast and manganese price is quite likely to follow any pattern.

The other assets, Mount Mason is a small 3-5 year project and with iron ore at the current prices will remain uneconomic. The other one whose name escapes me is a large project but was costed at $1 billion to get to completion, again uneconomic at current iron ore prices.

If sold I would like to see them spun off into an unlisted shell which we get shares in and a listing done in the future if they become viable and capital raised that way.

If they can get the kind of figure banded around then my vote would be to sell and take the money and run. Everyone has their own view and thats healthy, mine is jam today rather than a maybe tomorrow.

Hope you all have a good weekend contemplating what to do with Septembers payout.