Exactly AP and as you know I have been an advocate of a spin-off...

Exactly AP and as you know I have been an advocate of a spin-off for well over a year now. But this does not necessarily mean that I will entertain this direction one, two or three years down the track. The directors must keep an open mind and remain flexible, since the demand for each commodity is dynamitic.

A spin-off certainly has its merits, but there are many other considerations which should not be overlooked by remaining diversified and only time will tell.

Anyways, we all agree that the bauxite/alumina is a long way off and perhaps a long shot at that. However, one thing we should never lose sight of is that IF we ever get to the stage of alumina production the profit potential/margin will more than likely dwarf our iron ore.

Btw theseawolf, I do agree with your "higher grade" argument, however this higher grade bauxite just so happens to be in a far more environmentally sensitive location and that's more than likely the reason why it remains at Temporary Reserve (TR) status. Look at what happened to that portion of TR3156H which formed part of the Karijini National Park. There is some serious Fe there and UMC took a long shot by applying for the tenement, however the minister rightfully said no way Jose.

Do the same with Mitchell Plateau and bye...bye MPJV partners. Should this be the case and Hydro/United are unable to come up with the tonnage to justify building a refinery, then what about all the other land in and around Hydro/United, prospective for bauxite. Bauxite Resources to name one!