OK guys - here are my takeoutsIn all an outstanding presentation...

OK guys - here are my takeouts

In all an outstanding presentation and some valuable insights into the future.

Some key highlights are:

• trucking the ore is only seen as an option to pursue whilst scale is reached for rail. Rail is king and Brockman will pursue this vigorously with both BHP and FMG

• It appears that the overburden contains enough Fe for it to be refined and extracted to make its removal "potentially cost free" according to WR

• Chinese have been knocking down their door. WR claims there have been requests from diverse interest at the rate on one every fortnight with offers of MOU's

• 100MT is clearly not a “best case” scenario, but a realistic short-term achievable (in contrast to Pattersons report)

• 5MT to 10Mt per annum is the production goal

• Draft mining ops plans have already been done that include airstrips, village accommodation and detailed mining operations (final plans to be released in February)

• Strong confidence in securing a solid price for their ore

• No issue at all with direct shipping any of the Marillana ore with existing Alumina levels (WR claims that Chinese have existing contracts for DSO at higher levels than Marillana)

In all I was very impressed. WR comes across as a highly capable, driven and competent MD. WR and all directors are as perplexed as we are as to why the stock hasn’t been re-rated. Chairman seem to think that an “average” valuation next to peers would put the share price 6 times higher than current levels.

Did I miss anything?