disappointing results market expecting higher, page-50

What I would really like to see is a fast movement in bringing the HGZ into production. Hopefully they are exploring options to finance the 14 odd million needed to bring her on.

I also believe there is something else going on with the Vale agreement. Just to speculate a little bit..see quoted section below from last announcement just to refresh your memories.

"The Company also expects to be able to announce news on further acquisitions in the Carajas Province in the coming month."

Now its already been mentioned in the BRR interview with Tony Polgase that the majors have tied up most of the grounds in the Carajas. The Brazilian authorities have employed the policy of "use it or lose it" so a lot of these licences not being used by the majors can be lost. It was also mentioned by Tony that the majors only want to develop projects that are 150 million tonne+ properties.

Maybe thats where Avanco will come in. We might pick up some of these licenses from Vale that are not large enough for Vale to develop. Its very possible considering the relationship we now have with them. It appears that maybe AVB's Ironore project was going to be too large scale for us to develop and thats where Vale came in. You would also think Vale saw some serious value in the license they obtained from AVB considering they only want to develop licenses that are 150 million Tonne+. Just a bit of speculation.