big buying, page-28

Looks like they are bidding 123 million for a 'an existing DSO Inferred Mineral Resource of 33Mt at 56% '

They have a large magnetite target heading over 1 billion tonnes, but looks like haemetite targets not very large.

IMO this is expensive compared to FMS bid, but I don't know details of infrastructure in this area.

From:

http://www.africanironlimited.com/irm/ShowStaticCategory.aspx?CategoryID=212&HideTopLine=True&masterpage=4

"The Mayoko Project is located in the politically stable Republic of Congo and is directly connected to the Atlantic sea port of Pointe Noire by an operational railway.

The Mayoko Project has an existing DSO Inferred Mineral Resource of 33Mt at 56% Fe and six targets with an exploration target size totalling 0.9-1.3Bt1 of hematite and magnetite.

Recent diamond drilling has confirmed potential extensions to the DSO Resource at Mt Lekoumou and demonstrated enriched banded iron formation ('BIF') over a 7km strike as potential “beneficiable” DSO ('bDSO') to extend DSO mine life and/or increase the production rate.

The objective is to commence initial DSO production by mid 2013, ramping up to a steady state 5Mtpa."