CUF - SP Discussion, page-181

LD Don't get obsessed with the iron ore price - over the last 20 odd years there is only one time - one time that iron ore was absolutely smashed as I am on record and David Flanagan is on record when Atlas threw in the towel. People like you and all the Goldman Sachs have called it wrong more time than the farewells of Madam Melba. The problem with CUF are our high costs which don't seem to be able to be resolved. We are looking at an incredibly high cost north of USD$ 110 tonne and yet MIN will be able to land iron ore at AUD $45 tonne out of Onslow. Even if we had 300 tonne super quads we would never get our FOB price into that realm. My suggestion is CUF switch focus to iron ore like Guinea with higher grades and low operating costs because I can't see how we are ever going to make money out of Wiluna. But noone is listening-