letter to shareholders

http://www.asx.com.au/asxpdf/20100611/pdf/31qt0hf1lwl442.pdf

Letter out today regarding the impact of the super profits tax on companies like Ferrowest. The tax as it currently stands would most likely hurt the chances of sourcing the finance required to get this project off the ground as the foreign investors will go to wherever it is most competitive to do so.

Im guessing any potential JV or finance decision has now been put on hold while the uncertainty over the tax is around. Brett says what other mining companies are also saying - they support tax reform, even if it means paying more tax, but dont support the tax as it currently stands.