fxr and fmg, page-4

Dear Candy

I think you will find that fox would use a lot of Fortecues infastructure facilities, if they get there iron ore deposit up and running due to the close proximity.

There may be some rumbling due to Fox wanting to form an alliance with a large chinese steeler with any future offtake agreements.

I wouldn't think that Fortescue would have fox on there takeover target as they are focused on the iron ore start up in mid 2008.

I hope I have been of some help to you, have a nice day.

Uncle fox