I would like to post a correction to my earlier post, which said...

I would like to post a correction to my earlier post, which said that Centrex will receive a minimum of $118m from WISCO and Baosteel.

It really is a minimum of $193m*.

Because the $75m worth of exploration costs that WISCO are sole funding is really just like cash that you would have to spend anyway.

So once approvals are in - (and let's face it, how could the minister possibly knock these (smallish) investments on the head without damaging both the relationship with China and further investment in the sector?) - CXM will be trading at a discount of over 50% to their cash and receivables position.

50% under cash and receivables!

And with no value accorded to the projects that the Chinese have just paid A$186m and A$40m for a 60% and 50% share respectively....

And zero value for the near-term DSO production out of Port Lincoln.

On down days on the market, like today, I sit comfortably knowing that the price is backed by such massive intrinsic value.

Tiny downside risk. massive upside.

Y

*(pending FIRB and NDRC approvals)