Must watch Interview, page-7

The interviewer specifically discusses the share price and its poor performance of late and asks what the company can do better to improve it. Unfortunately the answer wasn’t very overwhelming. The market is starting to price this project accordingly. At approx 150m tonnes, targeting 3-5mtpa for a capital cost of about $500m in central Madagascar isn’t going to float anyone’s boat at this stage. Permit risk is real despite what some pple here say. That’s not to say it can’t be overcome, but right now the risk is high. looking at upside, China wants to move away from its reliance on Australia for Iron Ore. Countries like Madagascar and Guinea offer an alternative. But they will require significant infrastructure to support the demands of China.