Obvious increase in risk and the SDL merger did put a spanner in...

Obvious increase in risk and the SDL merger did put a spanner in our short term price aspirations.

I've taken some out but will intend to top up later as I think there will be further opportunity.

However if you believe in the long term bull market for commodities then African iron ore will have to be part of the story - the Chinese will make sure of it. Therefore the merger is an excellent early move/opportunity to build a significant IO company. It has good management and assets. The Aussies have the expertise and the Chinese have the dough.

I reckon there is an exciting future here and the patient wil be well rewarded over the next 2 - 5 years. I'm building at nice size stake.