nmdc cash backing

I dont know whether you have all seen the latest Grange Resouces announcment but it basically talks about significantly reducing expenditure on its 70% owned Southdown Magnetite Project as a consequence of the uncertainity of market conditions, high development costs and difficult financial markets. So i thought i would reinterate to all LCY holders the importance of having the cash backing from the one of the largest Iron Ore producers around the world on our side.

I dont think Legacy alone would have been be in the position to continue to purchase coal tennaments organise drilling on Iron Ore projects in the Pilbara , talk of spinning off Gold companies and even talking about spinning off other commodites into other companies which was mentioned at the AGM in this type of market if they did not have this support.

My own opinion anyway.