Some fair comments, qed. (Although I am sure Tony Sage is...

Some fair comments, qed. (Although I am sure Tony Sage is putting in more hours on CFE than most MDs do).

The buyback has been well discussed, and the criticism is fair. That the company was prepared to buyback shares suggests to me that (at that time) a deal on Marampa was close (but not sealed). Also it suggests that CFE thought it value accretive per share to buy up to $0.68 (prior to selling Marampa when the share price would be a lot higher thereafter).

(Buybacks also happen for defensive/strategic reasons - remember that crashing of the share price and the hurried end to the buyback? There may be more to that story than TS can discuss publicly...)

World markets have become more uncertain since then, and CFE went back to further drilling at Marampa prior to a float/trade sale. Marampa's sale may also be closely tied to AML's Tonkolili project, so we perhaps are dependent on bigger negotiations with the Chinese.

Tony Sage continues to top-up on CFE shares for himself at market prices. And the Chinese continue to invest in West African iron ore companies and projects - 'the new Pilbara'. Two very positive signs, imo. Whatever may be happening in Europe and in the US, the Chinese continue to have a bullish view of their own iron ore needs going forward.

I'm sure when Marampa is sold, it will surprise the market. Likewise with a settlement on the $80m (ono) with MCC.

Good luck all.

Yaq