does this sound right, page-4

why doesnt palmer list mineralogy? probably because he wants mineralogy to remain his private company which owns balmoral and licences second parties to mine agreed amounts of magnetite. this gives palmer the best of both worlds. he retains ownership of balmoral, gets access to other peoples money for exploration, development and risk. i guess we could also ask why there are back door listings.

so should palmer get 70% of arh? no i dont think so. arh are the ones carrying all the risk and if they fail to deliver, palmer can walk away untouchable. its only costing citic $290 million + royalties to mine the first 1 billion tonnes and a holding of 40% would be more than adequate compensation considering the value that 40% will be once arh have risked all to bring the project to fruition.

remember, its a licence to mine a yet to be determined amount of mineralogy's magnetite. we arent buying the block.