game changer, page-14

Do you mean Australian IO companies?

Some of the smaller, more dynamic players might have a look but the big boys (Rio & BHP) are way too conservative for India. Plus they've both been burnt there before.

The difference in NSL's approach (compared to BHP & Rio's past experience, amongst others) is that NSL has gone in and made acquisitions directly at a project level - and even that took several years to come to fruition. Other Aus companies have gone into India with the traditional Australian exploration mentality of peg - drill - discover - mine, only to find out that the Indian mining legislation doesn't quite work like that. Doing deals directly with local business people, as NSL do, is faster and much less risky.

As a result of some of the big guys failing over there in the past India is now a bit of a dirty word for them.... all the more iron ore for us!